#1
Which of the following is a measure of a country's economic performance over a period of time?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Interest Rate
Exchange Rate
#2
What is the formula for calculating the elasticity of demand?
Percentage change in quantity demanded divided by percentage change in price
Percentage change in price divided by percentage change in quantity demanded
Total revenue divided by quantity demanded
Quantity demanded multiplied by price
#3
What is the concept of 'perfect competition' in microeconomics?
A market structure with a single seller and multiple buyers
A market structure with many buyers and sellers, identical products, and easy entry and exit
A market structure dominated by a few large firms
A market with no government intervention
#4
What is the Phillips Curve in economics often used to illustrate?
The relationship between inflation and unemployment
The impact of taxes on government revenue
The effects of monetary policy on interest rates
The behavior of consumers in a recession
#5
What is the concept of 'marginal cost' in microeconomics?
The total cost of production
The additional cost of producing one more unit of a good or service
The fixed costs of a firm
The average cost per unit of production
#6
What does the term 'opportunity cost' refer to in economic analysis?
The cost of a good or service in the market
The value of the best alternative forgone
The cost of production inputs
The cost incurred due to inflation
#7
In microeconomics, what is the law of diminishing marginal utility?
As the quantity of a good consumed increases, its total utility decreases
As the quantity of a good consumed increases, its marginal utility increases
The more expensive a good is, the higher its utility
The utility of a good is constant regardless of quantity consumed
#8
In economic terms, what does 'ceteris paribus' mean?
All else being equal
Supply and demand
Market equilibrium
Consumer surplus
#9
What is the primary goal of monetary policy?
Stimulating economic growth
Controlling inflation and stabilizing prices
Fiscal responsibility
Regulating international trade
#10
Which economic indicator is often considered a leading indicator of economic health?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Stock market performance
Unemployment rate
#11
What is the primary objective of fiscal policy in economic management?
Stabilizing prices and controlling inflation
Promoting economic growth and employment
Regulating the money supply
Balancing trade deficits
#12
Which economic theory argues that government intervention in the economy is necessary to address market failures?
Keynesian economics
Monetarist economics
Supply-side economics
Austrian economics
#13
In the context of game theory, what does the 'Nash equilibrium' represent?
A situation where all players lose
A stable outcome where no player has an incentive to deviate
A scenario with constant changes in strategies
An unpredictable and chaotic game state
#14
What is the Laffer curve used to illustrate in economic analysis?
The relationship between inflation and unemployment
The impact of taxes on government revenue
The effects of monetary policy on interest rates
The behavior of consumers in a recession
#15
What is the Tragedy of the Commons in economic terms?
A situation where shared resources are overused and depleted
A market failure due to government intervention
The impact of externalities on market outcomes
A scenario where demand exceeds supply