#1
Which of the following is a factor that can influence economic activity?
Gravity
Inflation
Photosynthesis
Ohm's Law
#2
What does GDP stand for in the context of economic activity?
Gross Domestic Product
General Development Principle
Global Distribution Process
Government Development Program
#3
Which economic system is characterized by private ownership of the means of production and a market-driven approach?
Socialism
Communism
Capitalism
Feudalism
#4
Which economic concept involves the relationship between the quantity of a good that producers are willing to produce and the price of that good?
Demand curve
Production possibilities frontier
Supply curve
Marginal utility
#5
Which economic term refers to a situation where a market has only one seller and controls the entire supply of a product or service?
Monopoly
Oligopoly
Perfect competition
Monopsony
#6
Which economic factor is measured by the Consumer Price Index (CPI)?
Unemployment rate
Inflation rate
Interest rate
Exchange rate
#7
In economic terms, what is the 'Laffer Curve' often used to illustrate?
Taxation and government revenue
Labor market dynamics
Environmental sustainability
Monetary policy
#8
Which economic indicator reflects the overall health of the job market?
Gini coefficient
Consumer Price Index (CPI)
Unemployment rate
Stock market index
#9
In the context of international trade, what is the 'Comparative Advantage' theory about?
Optimizing resource allocation within a country
Promoting isolationism
Reducing exports
Specialization and trade between countries
#10
In economic terms, what does the term 'Opportunity Cost' refer to?
The value of the best alternative forgone when a decision is made
The total cost of production
The cost of labor
The price elasticity of demand
#11
Which of the following is considered a supply-side factor affecting economic activity?
Consumer demand
Technological innovation
Government spending
Fiscal policy
#12
What role does the money supply play in influencing economic activity?
Regulating international trade
Controlling climate change
Stimulating or slowing down economic growth
Determining political stability
#13
What is the 'Multiplier Effect' in the context of fiscal policy and economic activity?
Decreasing government spending
A magnifying impact on economic output from an initial change in spending
Increasing interest rates
Stabilizing inflation
#14
What is the role of central banks in influencing economic activity?
Determining fiscal policy
Regulating international trade
Controlling the money supply and interest rates
Managing social welfare programs
#15
Which economic theory argues that government intervention in the economy is necessary to address market failures and ensure social welfare?
Classical economics
Keynesian economics
Austrian economics
Monetarism