#1
Which of the following is a characteristic of a perfectly competitive market?
There are few sellers in the market.
Products are differentiated.
Firms have significant control over prices.
There are many buyers and sellers in the market.
#2
What does GDP stand for?
Gross Domestic Product
Gross Development Progress
General Development Plan
Global Demand Projection
#3
What is the term for the total value of goods and services produced within a country in a specific time period?
Gross National Product (GNP)
Gross Domestic Product (GDP)
Net National Product (NNP)
National Income (NI)
#4
What is the term for the total market value of all final goods and services produced within a country in a given period of time?
Net National Product (NNP)
Gross Domestic Product (GDP)
Gross National Product (GNP)
National Income (NI)
#5
What is the term for the study of how people make decisions in situations where resources are scarce?
Macroeconomics
Microeconomics
Behavioral economics
Game theory
#6
Which of the following is an example of a regressive tax?
Income tax
Sales tax
Property tax
Corporate tax
#7
What is the concept of 'opportunity cost' in economics?
The total cost of an item
The benefit foregone of the next best alternative
The fixed cost of production
The marginal cost of production
#8
What is the formula for calculating the price elasticity of demand?
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Change in quantity demanded / Change in price
Change in price / Change in quantity demanded
#9
What is the main function of central banks like the Federal Reserve in the United States or the European Central Bank?
Fiscal policy implementation
Regulating commercial banks
Issuing currency
Monetary policy implementation
#10
What is the term for a situation where a single firm or group of firms dominates a market?
Oligopoly
Monopoly
Perfect competition
Monopsony
#11
In the context of inflation, what does 'deflation' refer to?
A rise in the general price level of goods and services
A decrease in the general price level of goods and services
Stagnation in economic growth
An increase in employment rates
#12
What is the term for a situation where one party in a transaction has more information than the other, leading to an imbalance in power?
Market equilibrium
Monopoly
Asymmetric information
Perfect competition
#13
What is the 'Laffer curve' used to illustrate in economics?
The relationship between government spending and economic growth
The relationship between tax rates and tax revenue
The relationship between inflation and unemployment
The relationship between interest rates and investment
#14
What is the concept of 'marginal utility' in economics?
The total satisfaction derived from consuming a good or service
The additional satisfaction gained from consuming one more unit of a good or service
The price paid for consuming a good or service
The utility derived from consuming a good or service in moderation
#15
What does the term 'comparative advantage' refer to in economics?
The ability of a country to produce a good at a lower opportunity cost than another country
The ability of a country to produce more goods than another country
The ability of a country to produce goods with higher quality than another country
The ability of a country to produce goods with lower prices than another country