#1
Which of the following is a key economic indicator used to measure inflation?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Federal Funds Rate
#2
Which economic theory suggests that government intervention is necessary to control and stabilize the economy?
Classical economics
Keynesian economics
Monetarism
Austrian economics
#3
Which economic term refers to a situation where one party in an economic transaction has more information than the other, creating an imbalance of power?
Perfect competition
Monopoly
Asymmetric information
Market equilibrium
#4
In the context of trade policy, what does the term 'tariff' refer to?
A tax on imports or exports
A subsidy to domestic producers
A restriction on the quantity of goods traded
A form of trade agreement
#5
What is the main function of the International Monetary Fund (IMF) in the global economic system?
Facilitating international trade agreements
Providing financial assistance to countries facing balance of payments problems
Regulating global environmental policies
Promoting regional economic integration
#6
What is the primary function of the Federal Reserve System in the United States?
Fiscal policy implementation
Monetary policy implementation
Trade regulation
Tax collection
#7
In macroeconomics, what is the Phillips Curve used to illustrate?
The relationship between unemployment and inflation
The impact of taxation on consumer spending
The supply and demand for money
The production possibilities frontier
#8
What is the primary purpose of the World Trade Organization (WTO)?
Promoting global peace
Facilitating international trade
Providing humanitarian aid
Regulating global climate agreements
#9
In the context of fiscal policy, what does the term 'crowding out' refer to?
Increase in government spending
Decrease in private investment due to government borrowing
Expansionary monetary policy
Rise in consumer confidence
#10
What does the term 'stagflation' describe in the context of the economy?
High inflation and high unemployment occurring simultaneously
Economic growth without inflation
A period of recession and deflation
Steady inflation with low unemployment
#11
Which economic concept refers to the total value of goods and services produced by a country in a specific time period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Gross Domestic Product (GDP)
Net National Product (NNP)
#12
What is the Triffin Dilemma related to in the field of international economics?
Exchange rate stability
Balance of payments
Global monetary system
Comparative advantage
#13
Which economic concept is defined as the percentage change in the quantity demanded of a good in response to a one percent change in its price?
Price elasticity of demand
Income elasticity of demand
Cross-price elasticity of demand
Price ceiling elasticity
#14
What is the 'Laffer Curve' often used to illustrate in the field of taxation?
The relationship between tax rates and tax revenue
The impact of tax cuts on government spending
The correlation between tax evasion and economic growth
The distribution of tax burdens across income groups
#15
What is the primary goal of antitrust laws in the United States?
Promoting monopolies
Ensuring fair competition and preventing monopolistic practices
Restricting international trade
Stabilizing prices in the market