#1
Which economic system relies on private ownership of the means of production?
Capitalism
Socialism
Communism
Feudalism
#2
What is a characteristic of a command economy?
Private property rights are strictly enforced
Consumer preferences dictate production decisions
Central authority makes all economic decisions
Market forces determine resource allocation
#3
In a mixed economy, who typically owns and controls the factors of production?
Government only
Private individuals only
Both government and private individuals
Workers' cooperatives
#4
Which economic system is associated with a high degree of government intervention and control?
Market economy
Command economy
Mixed economy
Traditional economy
#5
Which economic system prioritizes the equitable distribution of wealth and resources?
Capitalism
Socialism
Feudalism
Anarchism
#6
Which term describes a situation where a country exports more than it imports?
Trade deficit
Trade surplus
Balance of payments
Current account deficit
#7
Which international organization promotes economic cooperation and development among member countries?
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
Organisation for Economic Co-operation and Development (OECD)
#8
What is a primary objective of globalization?
To increase economic inequality
To reduce cultural exchange
To promote international trade and investment
To isolate nations from one another
#9
What is a characteristic of a traditional economy?
Rapid technological advancement
Economic decisions are based on customs and traditions
High level of government intervention
Extensive use of market mechanisms
#10
What is the term used to describe the movement of people, capital, goods, and ideas across national borders?
Domestication
Globalization
Localization
Nationalization
#11
What is a characteristic of laissez-faire capitalism?
Government intervention in the economy is minimal
Central planning dictates production decisions
Private ownership of property is abolished
Workers have equal control over the means of production
#12
What is a significant consequence of globalization on culture?
Increased cultural homogenization
Decreased cultural diffusion
Heightened cultural isolation
Strengthened cultural boundaries
#13
Which theory of international trade suggests that countries should specialize in producing goods and services in which they have a comparative advantage?
Mercantilism
Protectionism
Comparative advantage theory
Absolute advantage theory
#14
According to dependency theory, what is the primary reason for underdevelopment in poorer countries?
Lack of natural resources
Corruption
Historical exploitation by richer countries
Lack of entrepreneurial spirit
#15
Which international organization is responsible for regulating trade agreements between countries?
United Nations (UN)
World Bank
World Trade Organization (WTO)
International Monetary Fund (IMF)
#16
According to the Heckscher-Ohlin model, which factor determines a country's comparative advantage in trade?
Labor productivity
Natural resource abundance
Technological advancement
Factor endowment
#17
Which economic theory suggests that a government should increase spending during economic downturns to stimulate demand?
Supply-side economics
Austerity economics
Monetarism
Keynesian economics