#1
Which of the following is a characteristic of the First Industrial Revolution?
Introduction of steam power and mechanization
ExplanationTransition marked by the introduction of steam power and mechanization.
#2
Who is often credited with inventing the assembly line?
Henry Ford
ExplanationHenry Ford is credited with popularizing the assembly line in automobile manufacturing.
#3
Which of the following is NOT a factor of production?
Money
ExplanationMoney is not considered a factor of production in traditional economic theory.
#4
Who is considered the 'father of modern economics'?
Adam Smith
ExplanationAdam Smith is often referred to as the 'father of modern economics' for his foundational work in the field.
#5
Which economic system is characterized by private ownership of the means of production and market-driven pricing?
Capitalism
ExplanationCapitalism is an economic system marked by private ownership and market-driven pricing.
#6
Which economist is associated with the theory of comparative advantage?
David Ricardo
ExplanationDavid Ricardo is known for his theory of comparative advantage in international trade.
#7
What is 'creative destruction' in the context of economic transformation?
The replacement of old industries with new ones
ExplanationProcess where innovation replaces outdated industries with newer ones.
#8
What is a characteristic feature of a command economy?
Centralized government control
ExplanationCommand economies are characterized by centralized government control over economic decisions.
#9
What does the term 'Laissez-faire' refer to in economic theory?
Free-market capitalism with minimal government interference
ExplanationLaissez-faire refers to a free-market system with minimal government intervention.
#10
Which of the following is a characteristic of monopolistic competition?
Many sellers, differentiated products
ExplanationMonopolistic competition features numerous sellers offering differentiated products.
#11
Which industry is often considered a cornerstone of the Second Industrial Revolution?
Automobile manufacturing
ExplanationAutomobile manufacturing played a pivotal role in the Second Industrial Revolution.
#12
What is the primary objective of antitrust laws?
To prevent unfair business practices and promote competition
ExplanationAntitrust laws aim to curb unfair business practices and foster competition in markets.
#13
Which of the following is a characteristic of a perfectly competitive market?
Many buyers and sellers
ExplanationPerfectly competitive markets feature numerous buyers and sellers, with homogeneous products and free entry and exit.
#14
Which of the following is a characteristic of oligopoly?
Few firms producing identical or differentiated products
ExplanationOligopoly is characterized by a market dominated by a few firms producing similar or differentiated products.