Which economic indicator measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Producer Price Index (PPI)
Unemployment Rate
#2
Which of the following is NOT a function of money in an economy?
Medium of exchange
Store of value
Unit of measurement
Government control
#3
What does GDP stand for in economics?
Gross Domestic Product
General Demand Projection
Government Development Program
Goods Distribution Process
#4
What is the economic term for the total value of all goods and services produced within a country's borders over a specific period?
Gross National Product (GNP)
Gross Domestic Product (GDP)
National Income
Net Exports
#5
What is the economic term for a situation where the quantity of goods demanded is equal to the quantity supplied?
Equilibrium
Surplus
Shortage
Deficit
#6
Which of the following is NOT a characteristic of a perfectly competitive market?
Many buyers and sellers
Homogeneous products
Significant barriers to entry
Perfect information available to all market participants
#7
What is fiscal policy?
Government's management of the nation's money supply and interest rates
Government's use of taxation and spending to influence the economy
A central bank's control over the supply of money and credit
The process of setting government budgets and determining expenditure priorities
#8
Which of the following is NOT a characteristic of monopolistic competition?
Many buyers and sellers
Product differentiation
Perfect substitutes
Some control over price
#9
In economics, what does the term 'opportunity cost' refer to?
The monetary cost of an opportunity
The cost of production
The value of the next best alternative forgone
The total cost of an economic decision
#10
What is the name of the market structure characterized by a large number of sellers offering similar but differentiated products?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#11
What is the term used to describe the measure of responsiveness in the quantity demanded of a good to a change in its price?