#1
Which of the following is NOT a characteristic of a market economy?
Centralized decision-making
Private ownership of property
Market competition
Limited government intervention
#2
What does GDP stand for in economics?
Gross Domestic Product
General Development Procedure
Growth and Development Protocol
Global Demand Prediction
#3
Which of the following is NOT a factor of production?
#4
Which of the following is a characteristic of a command economy?
Private ownership of property
Market competition
Centralized decision-making
Limited government intervention
#5
What is the economic term for the total value of all goods and services produced in 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 is a measure of the overall level of prices in an economy?
Interest rate
Exchange rate
Consumer Price Index (CPI)
Unemployment rate
#7
What is the term for a situation in which the government spends more money than it receives in revenue?
Budget deficit
Budget surplus
Fiscal balance
National debt
#8
What is inflation?
A decrease in the general price level of goods and services
A measure of how much the price of goods and services has increased over time
A situation where there is a sustained increase in the general price level of goods and services
A measure of the total value of goods and services produced in an economy
#9
What is the 'Laffer Curve' used to illustrate?
The relationship between government spending and taxation
The relationship between inflation and unemployment
The relationship between tax rates and tax revenue
The relationship between interest rates and investment
#10
What is the name of the theory that suggests a country should specialize in the production of goods and services it can produce most efficiently while importing goods and services it cannot produce as efficiently?
Absolute Advantage
Comparative Advantage
Opportunity Cost Theory
Trade Imbalance Theory
#11
What is the primary purpose of fiscal policy?
To control the money supply and interest rates
To regulate foreign trade and exchange rates
To manage government spending and taxation
To supervise the banking sector and financial institutions
#12
Which of the following is an example of a regressive tax?
Income tax
Sales tax
Property tax
Corporate tax
#13
What is the term used to describe a period of negative economic growth for two consecutive quarters?
Recession
Depression
Stagnation
Expansion
#14
What does the term 'opportunity cost' refer to?
The total cost of producing a good or service
The cost of an economic decision measured in terms of the next best alternative forgone
The cost incurred when resources are not used efficiently
The cost of inputs needed to produce a good or service
#15
What is the 'Phillips Curve' used to illustrate?
The relationship between government debt and economic growth
The relationship between exchange rates and trade balance
The relationship between unemployment and inflation
The relationship between fiscal policy and monetary policy
#16
What is the 'Tragedy of the Commons'?
A situation where individuals overuse and deplete a shared resource
A theory about the inevitability of economic downturns
A model describing the impact of monopolies on consumer welfare
A concept related to the risks of global warming