#1
Which of the following is considered a primary sector activity?
Manufacturing automobiles
Running a software development company
Farming crops
Operating a retail store
#2
What does the term 'Inflation' refer to in economics?
A decrease in the general price level of goods and services
An increase in the general price level of goods and services
Stagnation in economic growth
Decrease in the money supply
#3
What is the economic term for the total market value of all final goods and services produced within a country's borders in a given period of time?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net Domestic Product (NDP)
Net National Product (NNP)
#4
What is the economic term for the total value of all goods and services produced by the residents of a country, even if they're located abroad, in a given period?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net Domestic Product (NDP)
Net National Product (NNP)
#5
What does the term 'opportunity cost' refer to in economics?
The cost of producing one more unit of a good or service
The monetary value of all resources used in producing a good or service
The value of the next best alternative forgone when a decision is made
The total expenses incurred in the production process
#6
Gross Domestic Product (GDP) measures:
The total value of all goods and services produced within a country in a specific period
The total value of all goods and services consumed within a country in a specific period
The total value of all exports minus imports within a country in a specific period
The total value of all investments made within a country in a specific period
#7
Which of the following is NOT a characteristic of a developed economy?
High levels of literacy
High per capita income
Low life expectancy
Advanced infrastructure
#8
Which of the following is NOT a characteristic of a command economy?
Centralized planning
Private ownership of means of production
Government control over resource allocation
Limited consumer choice
#9
What is the economic term for the total value of goods and services produced by a country within its borders in a specific time period?
Gross National Product (GNP)
Net National Product (NNP)
Gross Domestic Product (GDP)
Net Domestic Product (NDP)
#10
Which of the following is NOT a factor affecting economic growth?
Technological progress
Population growth
Inflation
Investment in human capital
#11
What does the term 'Comparative Advantage' refer to in international trade?
The ability of a country to produce a good at a lower opportunity cost than another country
The ability of a country to produce more goods than another country
The ability of a country to produce goods without trade restrictions
The ability of a country to set its own trade policies
#12
What is the 'Lorenz Curve' used to represent?
Income inequality
Demand and supply equilibrium
Growth rate of GDP
Price elasticity of demand
#13
Which of the following is NOT a component of the Human Development Index (HDI)?
Life expectancy at birth
Educational attainment
Gross Domestic Product per capita
Income inequality
#14
Which of the following is NOT a characteristic of perfect competition?
Homogeneous products
Many buyers and sellers
Significant barriers to entry
Perfect information
#15
What does the 'Phillips Curve' illustrate?
The relationship between inflation and unemployment
The relationship between interest rates and investment
The relationship between fiscal policy and economic growth
The relationship between exchange rates and trade balance
#16
What is the economic term for the situation where the quantity of a good or service supplied exceeds the quantity demanded, leading to a lower price?
Surplus
Shortage
Equilibrium
Monopoly
#17
Which of the following is NOT a characteristic of oligopoly?
Many firms
Product differentiation
Mutual interdependence
Price taker