#1
Which of the following is a primary economic goal of a country?
Maximizing inflation
Minimizing unemployment
Increasing income inequality
Reducing government spending
#2
What is the main objective of a central bank's monetary policy?
Maximize inflation
Minimize government spending
Stabilize prices and promote economic growth
Increase income inequality
#3
What is the term for the total value of goods and services produced within a country's borders in a specific time period?
Trade balance
Gross Domestic Product (GDP)
Budget deficit
Money supply
#4
Which economic system is characterized by private ownership of the means of production and market-based allocation of resources?
Socialism
Communism
Capitalism
Mixed economy
#5
Which economic indicator is often used to assess the overall health of the labor market?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Producer Price Index (PPI)
#6
What is fiscal policy?
Monetary policy conducted by the central bank
Government's use of taxation and spending to influence the economy
Exchange rate policy to control the value of the currency
Public policy related to social welfare
#7
Which economic policy aims to increase overall production and economic growth?
Stabilization policy
Supply-side policy
Monetary policy
Fiscal policy
#8
What is the Laffer Curve used to illustrate in economic policy?
The relationship between tax rates and government revenue
The impact of interest rates on inflation
The effectiveness of fiscal stimulus
The impact of exchange rates on trade balance
#9
In the context of international trade, what does 'protectionism' refer to?
Promoting free trade and globalization
Imposing barriers to protect domestic industries
Encouraging import-export imbalances
Favoring a fixed exchange rate system
#10
Which economic policy aims to control the money supply and interest rates to achieve economic goals?
Fiscal policy
Supply-side policy
Monetary policy
Trade policy
#11
In macroeconomics, what does the term 'stagflation' refer to?
High inflation and high unemployment occurring simultaneously
A period of economic growth with low inflation
A decline in the overall price level
Stagnant economic growth with low unemployment
#12
What is the term for the measure of responsiveness of quantity demanded to a change in price?
Elasticity
Utility
Monopoly
Marginal cost
#13
What is the Phillips Curve used to analyze?
The relationship between inflation and unemployment
Government budget deficits
International trade patterns
Consumer price index fluctuations
#14
Which economic philosophy advocates for minimal government intervention in the economy?
Keynesian economics
Monetarism
Classical liberalism
Marxism
#15
Which economic indicator measures the average prices of goods and services consumed by households?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Producer Price Index (PPI)
#16
What is the primary focus of supply-side economics?
Controlling inflation through monetary policy
Promoting consumer spending through tax cuts
Increasing aggregate demand through government spending
Boosting economic growth by enhancing the supply of goods and services
#17
Which economic indicator is often considered a lagging indicator in analyzing the business cycle?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment Rate
Retail Sales
#18
What is the main objective of a trade surplus for a country?
Stimulate domestic consumption
Achieve currency devaluation
Promote economic stability
Increase foreign exchange reserves
#19
Which economic concept emphasizes the idea that individuals and firms act in their own self-interest to maximize utility or profit?
Utility theory
Game theory
Rational choice theory
Behavioral economics