#1
Which of the following is NOT a measure of central tendency?
#2
What does GDP stand for?
Gross Domestic Product
Gross Development Percentage
Global Domestic Production
General Domestic Progress
#3
What does the term 'Inflation' refer to in economics?
Decrease in the general price level of goods and services
Increase in the general price level of goods and services
Stagnation of economic growth
Decrease in the total output of goods and services
#4
What is the economic term for the study of how people choose to use their limited resources to satisfy their unlimited wants?
Macroeconomics
Microeconomics
Behavioral economics
Econometrics
#5
What does the term 'Monopoly' refer to in economics?
A market with many buyers and sellers
A market with a single buyer and many sellers
A market with a single seller and many buyers
A market with no buyers or sellers
#6
Which of the following is NOT a function of money?
Medium of exchange
Store of value
Means of production
Unit of account
#7
Which of the following is a characteristic of a market in perfect competition?
High barriers to entry
Differentiated products
Few sellers dominating the market
Homogeneous products
#8
Which of the following best describes the concept of 'opportunity cost' in economics?
The cost of an activity that involves no monetary payment
The monetary cost of an activity
The value of the next best alternative that must be forgone
The cost of producing one more unit of a good
#9
Which of the following is an example of a regressive tax?
Income tax
Sales tax
Property tax
Excise tax
#10
What does 'Ceteris Paribus' mean in economics?
All else equal
Change is constant
Market equilibrium
Government intervention
#11
Which of the following is a characteristic of a perfectly competitive market?
A large number of buyers and sellers
Product differentiation
High barriers to entry
Price control by a single firm
#12
Which of the following is a component of the Aggregate Demand equation?
Government spending
Labor force participation rate
Natural rate of unemployment
Consumer confidence index
#13
What is the 'Laffer Curve' used to illustrate?
The relationship between tax rates and tax revenue
The relationship between inflation and unemployment
The relationship between investment and economic growth
The relationship between supply and demand
#14
What is the economic term for a market situation where the costs and benefits of producing and consuming a good are not fully reflected in the market price?
Market failure
Market equilibrium
Market correction
Market intervention
#15
What is the economic term for the total value of goods and services produced in a country in a specific period?
Gross National Product (GNP)
Gross Domestic Product (GDP)
Net Domestic Product (NDP)
Net National Product (NNP)
#16
What is the name for a market structure with only one seller of a particular product?
Monopoly
Oligopoly
Monopsony
Perfect competition
#17
What does the term 'elasticity' measure in economics?
The responsiveness of quantity demanded to a change in price
The absolute change in quantity demanded
The slope of the demand curve
The total revenue from selling a good
#18
Which of the following is a characteristic of a command economy?
Private ownership of resources
Decentralized decision-making
Government control of resource allocation
Market-driven prices
#19
What does the term 'comparative advantage' refer to in international trade?
The ability of a country to produce a good using fewer resources than another country
The ability of a country to produce all goods more efficiently than other countries
The ability of a country to produce a good at a lower cost than other countries
The ability of a country to produce a good with high quality than other countries
#20
What is the economic term for the highest wage rate an employer is willing to pay for a particular job?
Reservation wage
Equilibrium wage
Marginal wage
Minimum wage
#21
Which of the following is an example of a positive externality?
Pollution from a factory
Education benefits from a well-educated workforce
Traffic congestion
Noise pollution from construction
#22
What is the formula to calculate the 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
#23
Which of the following is a tool used by central banks to control the money supply?
Fiscal policy
Monetary policy
Supply-side policy
Trade policy
#24
Which of the following is a measure of income inequality?
Gini coefficient
Consumer Price Index (CPI)
Unemployment rate
Interest rate
#25
What is the economic term for a situation where one party in a transaction has more information than the other party, leading to inefficient outcomes?
Monopoly
Oligopoly
Asymmetric information
Market failure