#1
Which of the following is a characteristic of a command economy?
Government control over economic activities
ExplanationCentralized control of economic decisions by the government.
#2
In a parliamentary system of government, who is the head of state?
Monarch
ExplanationThe monarch serves as a ceremonial figurehead, with the real power held by the parliament and prime minister.
#3
What is the primary function of the World Trade Organization (WTO)?
Facilitating international trade negotiations
ExplanationPromoting free trade and resolving trade disputes between countries.
#4
In a unitary system of government, where does the ultimate authority reside?
Central government
ExplanationAll political power is concentrated at the central level of government.
#5
Which economic theory emphasizes minimizing government intervention and promoting free markets?
Neoliberalism
ExplanationAdvocates for reducing government regulation and promoting free market capitalism.
#6
Who is considered the father of modern economics?
Adam Smith
ExplanationAdam Smith is known for his work 'The Wealth of Nations' and his advocacy for free market economics.
#7
What is a key feature of a mixed economy?
Private ownership of production
ExplanationCombination of private and state control over economic activity.
#8
What is a key characteristic of a federal system of government?
Division of powers between central and regional governments
ExplanationPower is shared between a central authority and constituent political units.
#9
Who developed the concept of the Iron Law of Oligarchy?
Vilfredo Pareto
ExplanationPareto's theory suggests that in any organization, a small group will control the majority of the resources.
#10
Which political ideology emphasizes the importance of individual freedom and limited government intervention?
Liberalism
ExplanationAdvocating for individual liberties, free markets, and limited government.
#11
In a market economy, how are prices typically determined?
Supply and demand forces
ExplanationPrices are set based on the balance between supply of goods and consumer demand.
#12
In political science, what does the term 'regime' refer to?
A form of government
ExplanationThe fundamental rules and institutions that determine how a government functions.
#13
Which economic system emphasizes collective ownership and control of the means of production?
Communism
ExplanationA system where property is owned collectively, and production is directed and controlled by the state.
#14
What is the primary focus of political economy as an academic discipline?
Study of political and economic systems
ExplanationExamining how political institutions and economic systems interact.
#15
Which economic system is characterized by private ownership and a free market with minimal government intervention?
Capitalism
ExplanationAn economic system where private individuals own and control the means of production.
#16
What is the main objective of a political party?
Power and governance
ExplanationSeeking to gain political power and influence government decisions.
#17
Who is known for the theory of 'creative destruction' in the field of economics?
Joseph Schumpeter
ExplanationSchumpeter's theory describes how innovation and entrepreneurship drive economic progress by replacing old industries with new ones.