#1
Which of the following is NOT considered a factor of production?
#2
What does GDP stand for?
Gross Domestic Product
General Demand Pricing
Growth Development Policy
Government Debt Percentage
#3
Which economic concept refers to the increase in the general price level of goods and services over a period of time?
Recession
Deflation
Inflation
Stagflation
#4
What does the term 'opportunity cost' refer to in economics?
The cost of an item is the amount of money spent to acquire it
The value of the next best alternative foregone
The total value of all goods and services produced within a country's borders
The price elasticity of demand for a good or service
#5
In economics, what does the term 'ceteris paribus' mean?
All else being equal
Demand exceeds supply
Market equilibrium
The law of demand
#6
Which of the following is an example of an inferior good?
Luxury car
Generic brand cereal
Designer clothing
Fine dining restaurant meal
#7
What is the economic term for the total value of all final goods and services produced within a country's borders in a given period of time?
Gross National Product (GNP)
Net National Product (NNP)
Gross Domestic Product (GDP)
Net Domestic Product (NDP)
#8
What is the economic term for the total value of all goods and services produced by a country's residents regardless of where they are located?
Gross Domestic Product (GDP)
Gross National Product (GNP)
Net Domestic Product (NDP)
Net National Product (NNP)
#9
What is the economic term for a market situation where there is only one seller for a particular product or service?
Oligopoly
Monopoly
Monopsony
Perfect Competition
#10
In economics, what is the term used to describe a situation where the government spends more money than it collects in revenue?
Fiscal deficit
Trade deficit
Budget surplus
National debt
#11
What does the law of diminishing marginal utility state?
As a consumer consumes more of a good, the additional satisfaction from each additional unit of the good decreases
As the price of a good decreases, the quantity demanded increases
As the price of a good increases, the quantity supplied decreases
As income increases, the demand for luxury goods increases proportionately
#12
Which of the following is a characteristic of a perfectly competitive market?
Many buyers and sellers
Product differentiation
Barriers to entry
Price setting power for individual firms
#13
Which of the following is NOT a characteristic of a public good?
Rivalry
Excludability
Non-excludability
Non-rivalry
#14
Which of the following is an example of a regressive tax?
Income tax
Sales tax
Property tax
Corporate tax
#15
Which of the following is an example of a positive externality?
Air pollution from a factory
A beekeeper's honey production benefiting nearby orchards
A company dumping waste into a river
Noise pollution from construction work