#1
Which of the following is NOT a driver of economic transformation?
Technological innovation
Political stability
Globalization
Population growth
#2
What term describes the shift from an agrarian economy to an industrial one?
Industrialization
Modernization
Globalization
Urbanization
#3
What term refers to the process of integrating a country's economy with the global economy through trade, investment, and technology transfer?
Protectionism
Import substitution
Globalization
Mercantilism
#4
Which economic indicator is used to measure the overall health of an economy and is calculated as the total market value of all final goods and services produced within a country in a given period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Inflation Rate
#5
What is the term for the ability of an economy to produce more goods and services over time?
Economic efficiency
Economic growth
Economic stability
Economic development
#6
Which economic theory emphasizes the role of government intervention in driving economic growth?
Neoliberalism
Classical economics
Keynesian economics
Monetarism
#7
Which of the following is a characteristic of a knowledge-based economy?
Dependence on natural resources
Emphasis on manufacturing industries
Focus on intellectual capital
Isolation from global markets
#8
Which of the following is NOT a characteristic of a knowledge economy?
Heavy reliance on physical capital
Emphasis on research and development
Highly educated workforce
Focus on innovation and creativity
#9
Which of the following is NOT considered a factor of production in classical economics?
Labor
Land
Technology
Capital
#10
Which of the following is a key driver of economic growth according to the Solow Growth Model?
Population growth
Technological progress
Government spending
Income inequality
#11
According to the Lewis Dual Sector Model, what occurs during the process of economic transformation?
Rapid population decline
Expansion of the agricultural sector
Shift of labor from rural agriculture to urban manufacturing
Decrease in income inequality
#12
According to the Harrod-Domar model, what is necessary for economic growth?
High levels of government spending
Stable political environment
Low levels of inflation
High levels of savings and investment
#13
According to the theory of comparative advantage, what should countries specialize in?
Producing goods they can produce most efficiently
Producing all goods domestically
Importing all goods
Producing goods with the highest demand
#14
According to the Heckscher-Ohlin model, what determines a country's comparative advantage in trade?
The abundance of labor
The abundance of capital
The abundance of natural resources
The abundance of skilled labor