#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 an example of a regressive tax?
Income tax
Sales tax
Property tax
Excise tax
#8
What does 'Ceteris Paribus' mean in economics?
All else equal
Change is constant
Market equilibrium
Government intervention
#9
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
#10
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
#11
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
#12
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
#13
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
#14
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
#15
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
#16
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
#17
Which of the following is a measure of income inequality?
Gini coefficient
Consumer Price Index (CPI)
Unemployment rate
Interest rate
#18
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