#1
What is the basic economic problem?
Scarcity
Inflation
Unemployment
Interest rates
#2
Which of the following is NOT a factor of production?
#3
What is the law of demand in economics?
As price increases, quantity demanded decreases
As price decreases, quantity demanded decreases
As price increases, quantity demanded increases
As price remains constant, quantity demanded decreases
#4
What is the formula to calculate simple interest?
A = P(1 + r/n)^(nt)
A = P + rt
I = PRT
I = Prt
#5
What is opportunity cost in economics?
The cost of an opportunity
The total cost of production
The value of the next best alternative forgone
The cost of purchasing goods and services
#6
What is the formula for the present value of a future sum of money?
PV = FV / (1 + r)
PV = FV * (1 + r)
PV = FV / r
PV = FV + r
#7
What does GDP stand for in economics?
Gross Domestic Product
General Development Protocol
Growth and Development Parameters
Gross Domestic Performance
#8
Which of the following is an example of a regressive tax?
Sales tax
Income tax
Property tax
Corporate tax
#9
What does ROI stand for in finance?
Return on Investment
Rate of Inflation
Risk of Investment
Revenue of Interest
#10
Which of the following is NOT a characteristic of a perfectly competitive market?
Many buyers and sellers
Homogeneous products
Price setting by individual firms
Free entry and exit
#11
What is the role of the Federal Reserve in the U.S. economy?
Fiscal policy
Monetary policy
Taxation policy
Trade policy
#12
What is the concept of marginal utility?
Total satisfaction derived from consuming a good or service
The additional satisfaction gained from consuming one more unit of a good or service
The decrease in satisfaction from consuming additional units of a good or service
The price at which consumers are willing to purchase one more unit of a good or service
#13
What is the formula to calculate compound interest?
P = C / r
A = P(1 + r/n)^(nt)
A = P + rt
C = P(1 + r)
#14
What is the formula for the price elasticity of demand?
(Percentage change in quantity demanded) / (Percentage change in price)
(Percentage change in price) / (Percentage change in quantity demanded)
(Change in quantity demanded) / (Change in price)
(Change in price) / (Change in quantity demanded)
#15
What is the formula to calculate the net present value (NPV) of an investment?
NPV = PV - FV
NPV = PV / FV
NPV = FV - PV
NPV = FV / PV
#16
What is the equation of the budget line in microeconomics?
P = W + M
P = W - M
M = W - P
M = P - W
#17
What is the equation of the production function in economics?
Q = f(L, K)
Q = L + K
Q = L * K
Q = L / K