#1
What does GDP stand for?
General Domestic Product
Gross Domestic Product
Government Development Program
Gross Developmental Product
#2
Which of the following is not a factor of production?
#3
What is the term for the percentage of the labor force that is unemployed?
Labor participation rate
Unemployment rate
Employment-to-population ratio
Labor force growth rate
#4
What is the term for a situation where the government spends more money than it receives in revenue?
Budget surplus
Budget deficit
National debt
Trade deficit
#5
What is the term for a sustained increase in the general price level of goods and services in an economy over a period of time?
Deflation
Stagflation
Hyperinflation
Inflation
#6
What is the opportunity cost of a decision?
The explicit monetary cost
The total resources used
The value of the next best alternative foregone
The profit gained from the decision
#7
What is the name of the economic system in which the means of production are owned and controlled by private individuals or businesses?
Socialism
Communism
Capitalism
Fascism
#8
What is the term for the total value of all final goods and services produced within a country's borders in a specific period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Gross Domestic Product (GDP)
Net National Product (NNP)
#9
In economics, what does the term 'marginal' mean?
#10
What is the term for a situation where the market price is higher than the equilibrium price?
Surplus
Equilibrium
Shortage
Subsidy
#11
Which economic concept suggests that as the price of a good increases, the quantity demanded decreases, and vice versa?
Law of Diminishing Marginal Utility
Law of Supply
Price Elasticity of Demand
Law of Demand
#12
What is the formula to calculate price elasticity of demand?
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Absolute change in quantity demanded / Absolute change in price
Absolute change in price / Absolute change in quantity demanded
#13
What is the primary goal of monetary policy?
To regulate government spending
To control inflation and stabilize prices
To redistribute income and wealth
To encourage international trade
#14
Which market structure is characterized by a large number of firms selling differentiated products?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#15
What is fiscal policy?
The use of government spending and taxation to influence the economy
The regulation of the money supply by the central bank
The manipulation of interest rates to control inflation
The control of imports and exports through tariffs and quotas
#16
Which of the following is NOT a characteristic of a public good?
Rivalry
Excludability
Non-rivalry
Non-excludability
#17
Which of the following is an example of a regressive tax?
Income tax
Sales tax
Property tax
Corporate tax
#18
What is the law of diminishing returns?
As production increases, the marginal cost decreases.
As more units of a variable input are added to fixed inputs, the marginal product of the variable input eventually decreases.
As production increases, the total cost remains constant.
As output increases, the total revenue decreases.
#19
Which of the following is NOT a characteristic of a monopoly?
Single seller
Price taker
High barriers to entry
Unique product
#20
Which of the following is an example of a positive externality?
Pollution from a factory
A beekeeper's bees pollinating nearby crops
Noise pollution from a construction site
Traffic congestion caused by commuters
#21
Which of the following is NOT a characteristic of perfect competition?
Many buyers and sellers
Homogeneous products
Barriers to entry
Perfect information
#22
What is the term for a tax system in which the average tax rate decreases as the taxpayer’s income increases?
Proportional tax
Regressive tax
Progressive tax
Flat tax
#23
Which of the following is an example of a public good?
A private beach club
A public park
A luxury yacht
A high-end restaurant
#24
What does the term 'Ceteris Paribus' mean in economics?
All things being equal
Change is constant
Supply and demand
Consumer equilibrium
#25
What does the term 'invisible hand' refer to in economics?
The automatic self-regulation of the market
Government intervention in the economy
The role of consumers in determining prices
The influence of advertising on consumer behavior