#1
Which of the following is a characteristic of a market economy?
Centralized planning by the government
Private ownership of resources
Equal distribution of wealth
Limited role of the private sector
#2
Which economic approach emphasizes the importance of individual choices and incentives?
Keynesian economics
Behavioral economics
Neoclassical economics
Marxian economics
#3
What is the Tragedy of the Commons in economic terms?
Overproduction leading to market saturation
Excessive government intervention in markets
Overuse and depletion of shared resources
Failure of demand in a free-market system
#4
Which economic concept is defined as the total value of all final goods and services produced within a country in a specific time period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Gross Domestic Product (GDP)
National Income (NI)
#5
What is the term for a situation in which a single seller dominates the entire market for a particular product or service?
Oligopoly
Monopoly
Perfect competition
Monopsony
#6
What is the primary focus of microeconomics?
The economy as a whole
Individual markets and entities
Government policies
Global economic trends
#7
According to the classical economic approach, what is the key driver of economic growth?
Government intervention
Consumer spending
Technological progress
Labor unions
#8
What is the formula for calculating Gross Domestic Product (GDP)?
Consumption + Investment + Government Spending - Net Exports
Consumption - Investment + Government Spending + Net Exports
Consumption + Investment - Government Spending + Net Exports
Consumption + Investment + Government Spending + Net Exports
#9
Which of the following is a measure of inflation?
Consumer Price Index (CPI)
Gini coefficient
Balance of trade
Human Development Index (HDI)
#10
Which economic concept refers to the additional cost of producing one more unit of a good or service?
Average cost
Opportunity cost
Marginal cost
Fixed cost
#11
What is the main focus of Keynesian economics during economic downturns?
Decreasing government spending
Increasing taxes
Stimulating demand through government intervention
Promoting free-market policies
#12
In monetary policy, what does the term 'quantitative easing' refer to?
Increasing interest rates
Reducing the money supply
Buying financial assets by the central bank
Encouraging private investment
#13
According to the Law of Demand, what happens to quantity demanded when the price of a good decreases?
Increases
Decreases
Remains unchanged
Varies unpredictably
#14
What is the primary goal of a central bank's monetary policy?
Maximizing government revenue
Stabilizing prices and controlling inflation
Encouraging high-interest rates
Promoting international trade
#15
Which economic system is characterized by collective or government ownership of the means of production?
Capitalism
Socialism
Communism
Mixed economy