#1
Which of the following is a characteristic of the Industrial Revolution?
Decrease in agricultural productivity
Rapid urbanization
Increase in feudalism
Expansion of cottage industries
#2
Which economic theory advocates for minimal government intervention in the economy?
Socialism
Capitalism
Communism
Fascism
#3
What is the main goal of a market economy?
Equitable distribution of wealth
Government control of production
Maximization of profit
Equal access to resources
#4
Which sector of the economy is typically associated with the extraction of raw materials?
Primary sector
Secondary sector
Tertiary sector
Quaternary sector
#5
Which of the following is a characteristic of a mixed economy?
Government control of all economic activities
Complete absence of government intervention
Coexistence of public and private sectors
Predominance of barter system
#6
Which of the following is NOT a factor contributing to globalization?
Advancements in communication technology
Reduction of trade barriers
Increase in nationalism
Expansion of multinational corporations
#7
What is a characteristic of a post-industrial economy?
Dependence on manufacturing industries
High reliance on agriculture
Dominance of service industries
Low technological advancement
#8
Which of the following is a characteristic of a command economy?
Decentralized decision-making
Private ownership of production
Centralized government control
Free market competition
#9
What is the term for a sustained, widespread increase in prices in an economy?
Deflation
Stagflation
Hyperinflation
Recession
#10
What is the term used to describe the total value of goods and services produced within a country's borders regardless of the nationality of the producers?
Gross National Product (GNP)
Net National Product (NNP)
Gross Domestic Product (GDP)
Net Domestic Product (NDP)
#11
Which economic concept is concerned with the total value of goods and services produced in a country in a specific time period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Inflation Rate
Fiscal Policy
#12
Which economic theory emphasizes the importance of government regulation to address market failures?
Keynesian economics
Austrian economics
Monetarism
Neoclassical economics
#13
Which economic term describes the situation where there are not enough goods or services to meet demand?
Surplus
Scarcity
Monopoly
Deflation
#14
What is the term used to describe the measure of how responsive quantity demanded is to a change in price?
Price elasticity of supply
Income elasticity of demand
Price elasticity of demand
Cross elasticity of demand