#1
What does the term 'technological unemployment' refer to?
Unemployment caused by economic recessions
Unemployment resulting from technological advancements
Unemployment due to government policies
Unemployment due to lack of education
#2
Which sector is often considered the primary driver of innovation in modern economies?
Agriculture
Manufacturing
Services
Information technology
#3
Which economic concept refers to the maximum amount of a good that consumers are willing and able to purchase at a given price?
Supply
Demand
Equilibrium
Utility
#4
Which type of innovation involves making incremental improvements to existing products or processes?
Radical innovation
Disruptive innovation
Sustaining innovation
Blue ocean innovation
#5
Which economic concept refers to the total value of all goods and services produced in a country within a given time period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Aggregate Demand
Inflation Rate
#6
In economic terms, what does the acronym 'R&D' stand for?
Research and Design
Risk and Development
Regulation and Distribution
Research and Development
#7
Which economist coined the term 'creative destruction' to describe the process of innovation?
Adam Smith
Joseph Schumpeter
John Maynard Keynes
Milton Friedman
#8
What economic theory suggests that technological advancements lead to long-term economic growth?
Keynesian economics
Supply-side economics
Endogenous growth theory
Monetarism
#9
What does the 'Solow Residual' measure in economic terms?
Productivity growth not explained by inputs
Consumer spending
Government expenditure
Inflation rate
#10
What term describes the situation where a single firm or group of firms dominates a market?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#11
In the context of innovation, what does the 'S-curve' represent?
The pattern of technological obsolescence
The trajectory of innovation over time
The shape of a firm's cost curve
The process of creative destruction
#12
What is the term used to describe the practice of pricing a product below its production cost to drive competitors out of the market?
Predatory pricing
Price discrimination
Collusion
Dumping
#13
Which of the following is NOT a characteristic of disruptive innovation?
Targets low-end or new-market footholds
Sustains innovation within existing markets
Often initially performs worse than existing products
Fosters innovation and growth
#14
Which of the following is NOT a characteristic of a knowledge-based economy?
High reliance on information technology
Emphasis on manufacturing industries
Focus on innovation and intellectual property
High value placed on human capital
#15
Which of the following is NOT a characteristic of a knowledge spillover?
It occurs when knowledge is shared among firms
It can lead to increased innovation in related industries
It exclusively benefits the firm that originally developed the knowledge
It can result from collaboration or competition
#16
According to Schumpeter, what role do entrepreneurs play in the process of creative destruction?
They resist change and impede innovation
They facilitate the entry of new firms and technologies
They maintain the status quo and protect incumbent firms
They exploit consumers through monopolistic practices
#17
Which of the following is NOT a factor that contributes to technological progress?
Education and research
Government regulations
Access to financing
Cultural attitudes towards risk-taking
#18
Which economic theory suggests that technological progress can lead to short-term unemployment but long-term economic growth?
Keynesian economics
Monetarism
Supply-side economics
Creative destruction theory