#1
Which economic indicator is used to measure the overall health of the labor market?
Unemployment rate
ExplanationIndicator of job market conditions and economic health
#2
In business, what does ROI stand for?
Return on Investment
ExplanationMeasure of profitability from an investment
#3
What does the term 'GDP' stand for in economics?
Gross Domestic Product
ExplanationTotal value of goods and services produced in a country
#4
Which economic indicator measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?
Consumer Price Index (CPI)
ExplanationIndicator of inflationary trends affecting consumer purchasing power
#5
In the context of business strategy, what does SWOT stand for?
Strengths, Weaknesses, Opportunities, Threats
ExplanationAnalyzing internal and external factors affecting business objectives
#6
In accounting, what does ROI stand for?
Return on Investment
ExplanationMeasure of profitability from an investment
#7
What is the primary function of the Federal Reserve in the United States?
Monetary policy regulation
ExplanationRegulating monetary policies to stabilize the economy
#8
What is the concept of 'opportunity cost' in economics?
The cost of foregone alternatives
ExplanationThe value of the next best alternative forgone
#9
Which economic system relies on private ownership and free market forces to determine production and consumption?
Capitalism
ExplanationEconomic system based on private enterprise and competition
#10
In finance, what does the acronym 'IPO' stand for?
Initial Public Offering
ExplanationFirst sale of stock by a private company to the public
#11
What is the concept of 'elasticity' in economics?
The responsiveness of quantity demanded to a change in price
ExplanationMeasure of sensitivity of demand to price changes
#12
In international trade, what does the term 'balance of payments' refer to?
The difference between exports and imports
ExplanationRecord of a country's economic transactions with the rest of the world
#13
What is the purpose of a SWOT analysis in business strategy?
Identifying Strengths, Weaknesses, Opportunities, and Threats
ExplanationStrategic planning tool to assess internal and external factors
#14
What is the 'invisible hand' concept in economics, as proposed by Adam Smith?
Automatic self-regulation of markets
ExplanationMarket forces guiding resource allocation without central control
#15
What is the role of the World Trade Organization (WTO) in the global economy?
Promoting international trade and resolving trade disputes
ExplanationFacilitating global trade and resolving disputes between member nations
#16
Which economic theory advocates for government intervention to address income inequality and promote social welfare?
Keynesian economics
ExplanationEconomic theory advocating for government intervention during economic downturns
#17
What is the purpose of a central bank's monetary policy tools, such as open market operations and discount rates?
Controlling inflation
ExplanationManaging money supply to stabilize prices and promote economic growth
#18
What is the Phillips Curve in economics?
A curve showing the trade-off between inflation and unemployment
ExplanationIllustrates inverse relationship between inflation and unemployment