#1
Which economic concept refers to the total market value of all final goods and services produced within a country in a specific time period?
#2
Who is known for his influential work on the theory of political economy and is often referred to as the 'father of modern economics'?
#3
What economic indicator measures the average change in prices of goods and services over time?
#4
Who is known for his book 'The Wealth of Nations,' where he discussed the concept of the invisible hand guiding economic activity?
#5
What economic concept describes the total quantity of goods and services that producers in an economy are willing and able to supply at a given overall price level?
#6
What economic term is defined as the total value of a country's exports minus the total value of its imports?
#7
In the context of economics, what does the term 'opportunity cost' refer to?
#8
What is the term for a situation where the government spending exceeds its revenue, leading to a budget shortfall?
#9
In economics, what does the acronym GDP stand for?
#10
What is the term for a government's strategy for managing its money, including revenue, expenditures, and borrowing?
#11
Who developed the theory of comparative advantage, suggesting that countries should specialize in producing goods in which they have a lower opportunity cost?
#12
Who is known for his contributions to the field of behavioral economics, challenging traditional economic assumptions about human behavior?
#13
Who is known for his influential work on the concept of the 'Laffer curve,' which illustrates the relationship between tax rates and tax revenue?
#14
Who is known for his work on game theory and its application to economics, winning the Nobel Prize in Economic Sciences in 1994?
#15