#1
Which of the following is a characteristic of a market economy?
Government control of production and distribution
Private ownership of resources and means of production
Equal distribution of wealth
Centralized economic planning
#2
Which economic concept refers to the situation where the demand for a good exceeds its supply, leading to higher prices?
Surplus
Monopoly
Scarcity
Equilibrium
#3
What is the term for a situation where a country's imports exceed its exports, resulting in a negative balance of trade?
Trade surplus
Trade deficit
Trade equilibrium
Trade barrier
#4
What is the term for the measure of the responsiveness of the quantity demanded of a good to a change in its price?
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
Demand elasticity coefficient
#5
Which economic system relies on the forces of supply and demand to determine the prices of goods and services in the market?
Planned economy
Command economy
Market economy
Mixed economy
#6
What is the main goal of a corporation?
Maximizing shareholder wealth
Minimizing employee turnover
Achieving social justice
Equal distribution of profits
#7
Which economic transformation is characterized by a shift from agrarian societies to industrialized urban centers?
Mercantilism
Feudalism
Industrial Revolution
Globalization
#8
In the context of corporate governance, what does the term 'board diversity' refer to?
Diversity of products offered by the company
Diversity of board members in terms of gender, ethnicity, and skills
Diversity of marketing strategies
Diversity of shareholders
#9
Which economic transformation is associated with the transition from a planned economy to a market-oriented economy?
Globalization
Privatization
Commercialization
Liberalization
#10
In economics, what does the term 'opportunity cost' represent?
The actual cost of production
The cost of goods and services in the market
The value of the next best alternative forgone when a decision is made
The cost of raw materials
#11
Which economic system is characterized by collective or government ownership and control of the means of production?
Capitalism
Socialism
Mixed economy
Market economy
#12
What is the term for the total value of all goods and services produced in a country within a specific time period?
Gross National Product (GNP)
Gross Domestic Product (GDP)
Net National Product (NNP)
National Income
#13
Which economist is known for the theory of creative destruction in the context of economic innovation?
John Maynard Keynes
Joseph Schumpeter
Milton Friedman
Adam Smith
#14
What is the primary purpose of antitrust laws in the context of corporate regulation?
To promote monopolies
To prevent unfair business practices and promote competition
To regulate labor practices
To ensure equal distribution of profits
#15
What is the term for the process of combining or acquiring companies to achieve synergies and competitive advantages?
Diversification
Monopolization
Mergers and Acquisitions (M&A)
Privatization
#16
What is the primary function of a central bank in a country's economy?
Regulating the stock market
Controlling inflation and monetary policy
Overseeing corporate mergers
Setting interest rates for consumer loans
#17
Which economic theory advocates for government intervention in the economy to address income inequality and promote social welfare?
Classical economics
Keynesian economics
Monetarism
Austrian economics