#1
Which of the following is a characteristic of the First Industrial Revolution?
Introduction of steam power and mechanization
Proliferation of digital technology
Expansion of global trade routes
Development of genetic engineering
#2
Who is often credited with inventing the assembly line?
Henry Ford
Alexander Graham Bell
Thomas Edison
Nikola Tesla
#3
Which of the following is NOT a factor of production?
Labor
Entrepreneurship
Money
Land
#4
Who is considered the 'father of modern economics'?
John Maynard Keynes
Adam Smith
Milton Friedman
Karl Marx
#5
Which economic system is characterized by private ownership of the means of production and market-driven pricing?
Socialism
Communism
Capitalism
Feudalism
#6
Which economist is associated with the theory of comparative advantage?
Adam Smith
John Maynard Keynes
David Ricardo
Karl Marx
#7
What is 'creative destruction' in the context of economic transformation?
The process of generating new ideas
The destruction of natural resources for economic gain
The replacement of old industries with new ones
The decline of creativity in economic systems
#8
What is a characteristic feature of a command economy?
Decentralized decision-making
Private ownership of means of production
Centralized government control
Market-driven pricing mechanisms
#9
What does the term 'Laissez-faire' refer to in economic theory?
Government intervention in the economy
Free-market capitalism with minimal government interference
A planned economy
Monopolistic competition
#10
Which of the following is a characteristic of monopolistic competition?
Many sellers, identical products
Few sellers, differentiated products
Few sellers, identical products
Many sellers, differentiated products
#11
Which industry is often considered a cornerstone of the Second Industrial Revolution?
Automobile manufacturing
Textile production
Telecommunications
Agriculture
#12
What is the primary objective of antitrust laws?
To promote monopolies
To prevent unfair business practices and promote competition
To enforce price controls
To encourage collusion among firms
#13
Which of the following is a characteristic of a perfectly competitive market?
Product differentiation
Many buyers and sellers
Barriers to entry
Price-setting power of individual firms
#14
Which of the following is a characteristic of oligopoly?
A large number of firms producing identical products
Many firms producing differentiated products
Few firms producing identical or differentiated products
One dominant firm in the market