#1
Which of the following is a key indicator used to measure inflation?
GDP growth rate
Consumer Price Index (CPI)
Unemployment rate
Industrial production index
#2
What does the term 'GDP' stand for?
Gross Domestic Profit
Gross Domestic Product
Government Department Policy
General Domestic Production
#3
What is the primary goal of fiscal policy?
To regulate the money supply
To achieve full employment and price stability
To control interest rates
To maintain a stable exchange rate
#4
Which of the following is NOT a characteristic of a command economy?
Centralized decision-making
Private ownership of resources
Government control over production
Distribution of resources according to government plans
#5
What is the term used to describe the total market value of all final goods and services produced within a country in a given period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Gross Domestic Product (GDP)
Net National Product (NNP)
#6
Which of the following factors can lead to an increase in labor productivity?
Decrease in technological advancements
Increase in the number of labor strikes
Improvement in employee training programs
Reduction in wages
#7
What does the term 'structural unemployment' refer to?
Unemployment caused by a mismatch between the skills possessed by workers and the requirements of available jobs
Unemployment caused by a general slowdown in economic activity
Unemployment caused by temporary fluctuations in the business cycle
Unemployment caused by individuals choosing not to work
#8
What is the term used to describe the situation when the price of one good increases, leading to a decrease in demand for another related good?
Substitution effect
Income effect
Demand shift
Complementary effect
#9
What does the term 'labor force participation rate' measure?
The percentage of the working-age population that is employed or actively seeking employment
The percentage of employed individuals who are willing to work more hours
The percentage of employed individuals who are satisfied with their current job
The percentage of unemployed individuals who have given up searching for a job
#10
What is the term used to describe the situation where the economy's overall price level is rising?
Deflation
Stagflation
Inflation
Disinflation
#11
Which economic theory argues that government intervention is necessary to regulate and stabilize the economy?
Monetarism
Keynesian economics
Classical economics
Austrian economics
#12
According to the law of diminishing marginal returns, what happens when one input factor is increased while other inputs are held constant?
Total output increases at a decreasing rate
Total output increases at a constant rate
Total output increases at an increasing rate
Total output decreases
#13
Which of the following is a characteristic of a monopolistic competition market structure?
Many buyers and sellers
Identical products
Complete absence of competition
Product differentiation
#14
According to the law of demand, what happens to quantity demanded when the price of a good decreases?
Quantity demanded increases
Quantity demanded decreases
Quantity demanded remains unchanged
Quantity demanded becomes elastic
#15
What is the term used to describe a situation where the government spends more money than it collects in revenues?
Budget surplus
Budget deficit
National debt
Fiscal surplus