#1
Which of the following is considered a basic economic resource?
Money
Labor
Technology
Transportation
#2
What does GDP stand for in economics?
Gross Development Product
Growth Determination Process
Gross Domestic Product
Governmental Distribution Policy
#3
What is the primary goal of microeconomics?
To analyze the behavior of individual consumers and firms
To study the economy as a whole
To understand global economic trends
To analyze government policies
#4
Which of the following is a characteristic of a command economy?
Free market competition
Private ownership of resources
Centralized government control
Consumer sovereignty
#5
What is the term used to describe a sustained increase in the general price level of goods and services in an economy?
Deflation
Stagflation
Inflation
Hyperinflation
#6
Which of the following is NOT a characteristic of a traditional economy?
Use of barter system
Centralized government planning
Cultural and religious influences
Little technological advancement
#7
Which of the following is NOT a characteristic of a developed economy?
High per capita income
Low unemployment rate
High literacy rate
High poverty rate
#8
What is the term used to describe a situation where a country's economy is growing but the gap between the rich and poor is widening?
Economic stagnation
Economic inequality
Economic recession
Economic boom
#9
What is the term used to describe the total value of goods and services produced within a country's borders in a specific time period?
GNP (Gross National Product)
GNI (Gross National Income)
GDP (Gross Domestic Product)
NNP (Net National Product)
#10
Which of the following is an example of a regressive tax?
Sales tax
Progressive income tax
Corporate tax
Property tax
#11
What is the term used to describe a situation where a country's imports exceed its exports?
Trade surplus
Trade deficit
Trade equilibrium
Trade embargo
#12
Which of the following is a component of the fiscal policy?
Interest rates
Money supply
Government spending
Foreign exchange rates
#13
Which of the following is NOT a factor that contributes to economic development?
Education
Technology
Inflation
Infrastructure
#14
What does the Human Development Index (HDI) measure?
Economic growth rate
Income inequality
Standard of living
Overall well-being of a country's citizens
#15
What is the term used to describe the situation where the economy experiences a prolonged period of declining economic activity, characterized by falling output and employment levels?
Stagflation
Recession
Inflation
Depression
#16
What is the primary goal of monetary policy?
To control inflation
To reduce unemployment
To promote economic growth
To regulate international trade
#17
What is the term used to describe a situation where the value of a currency falls relative to other currencies?
Appreciation
Depreciation
Revaluation
Devaluation