#1
In a market economy, what determines the prices of goods and services?
#2
In the context of international trade, what does the term 'trade surplus' mean?
#3
Which economic system allows for private ownership of businesses and individuals to make decisions based on self-interest?
#4
What is the term for a situation where the government spends more money than it collects in revenue, resulting in a budgetary shortfall?
#5
Which economic system relies on customs, traditions, and rituals to determine what goods and services will be produced, how they will be produced, and for whom?
#6
Which economic concept refers to the total value of all goods and services produced in a country within a specific time period?
#7
What is the term for the total value of a person's assets, including money and property, minus liabilities?
#8
What is the term for a sustained increase in the general price level of goods and services in an economy?
#9
Which economic indicator is often used to assess the overall health of an economy and is calculated as the percentage change in the Consumer Price Index (CPI)?
#10
What is the term for a situation in which the quantity of goods and services demanded exceeds the quantity supplied, leading to an increase in prices?
#11
Which economic concept measures the percentage increase in the price level of a basket of goods and services over time?
#12
In the context of international trade, what does the term 'protectionism' refer to?
#13
What economic system is characterized by government ownership and control of the means of production?
#14
Which economic concept measures the responsiveness of the quantity demanded of a good to a change in its price?
#15
In economic terms, what does the law of diminishing marginal returns state?
#16
What economic theory suggests that government intervention in the economy is necessary to address issues such as income inequality and market failures?
#17
What is the term for a market structure characterized by a large number of sellers offering similar but differentiated products?
#18
In economics, what does the term 'opportunity cost' refer to?
#19