#1
Who is often referred to as the 'Father of Economics'?
John Maynard Keynes
Milton Friedman
Adam Smith
Karl Marx
#2
Which economic concept refers to the total value of all goods and services produced within a country's borders in a specific time period?
Net exports
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Aggregate demand
#3
What is the term for a situation where the government spends more money than it collects in revenue, leading to a budget deficit?
Trade surplus
Fiscal policy
Monetary policy
Fiscal deficit
#4
In economic terms, what does the acronym NAFTA stand for?
North Atlantic Free Trade Agreement
National Association of Financial Trading Agents
North American Free Trade Agreement
National Agricultural and Food Trading Alliance
#5
In international trade, what does the term 'dumping' refer to?
Selling goods in a foreign market at a price lower than the cost of production
Promoting fair trade practices
Exporting goods without tariffs
Encouraging free trade agreements
#6
Which economic system is characterized by private ownership of the means of production and market-driven decision-making?
Socialism
Communism
Capitalism
Fascism
#7
What is the Gross Domestic Product (GDP) used to measure in an economy?
Unemployment rate
Economic growth
Inflation rate
Government expenditure
#8
Which government agency in the United States is responsible for monetary policy?
Department of Treasury
Federal Reserve
Securities and Exchange Commission (SEC)
Internal Revenue Service (IRS)
#9
In the context of international trade, what does the term 'protectionism' refer to?
Promotion of free trade
Economic isolationism
Tax incentives for businesses
Encouragement of foreign investment
#10
What economic indicator is used to measure the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Producer Price Index (PPI)
Unemployment rate
#11
What is the primary function of the World Bank?
International law enforcement
Providing financial and technical assistance for development projects
Promoting global trade agreements
Regulating global stock markets
#12
Which of the following is a fiscal policy tool used by governments to stimulate economic activity during a recession?
Raising interest rates
Increasing taxes
Reducing government spending
Cutting taxes and increasing spending
#13
In the context of economic development, what does the term 'brain drain' refer to?
Increased intellectual capacity
Migration of skilled individuals abroad
Enhanced education system
Technological advancements
#14
What is the Laffer Curve used to illustrate in the field of economics?
Relationship between inflation and unemployment
Impact of government spending on economic growth
Taxation and government revenue
Consumer price index fluctuations
#15
Who developed the theory of comparative advantage, which is fundamental to international trade?
John Maynard Keynes
Adam Smith
David Ricardo
Karl Marx
#16
In economics, what does the term 'elasticity' refer to?
A measure of the responsiveness of quantity demanded to a change in price
The total revenue of a firm
The ease of monetary policy
The stability of financial markets
#17
Which economic theory suggests that government intervention is necessary to ensure a fair distribution of wealth and avoid extreme income inequality?
Keynesian economics
Supply-side economics
Monetarism
Socialism