#1
What does GDP stand for in economics?
Gross Domestic Product
Global Demand Protocol
General Demand Projection
Government Debt Portfolio
#2
What does the law of demand state in economics?
As price increases, quantity demanded increases
As price decreases, quantity demanded increases
As price increases, quantity demanded decreases
As price decreases, quantity demanded decreases
#3
Which of the following is NOT a factor of production in economics?
#4
What is the primary goal of a firm operating in a market economy?
Maximize profits
Minimize costs
Ensure social welfare
Equal distribution of resources
#5
What is the term used to describe the total value of all goods and services produced within a country in a given period?
National Debt
Gross Domestic Product (GDP)
Net Income
Consumer Price Index (CPI)
#6
Which of the following is a characteristic of a perfectly competitive market?
Many buyers and many sellers
Barriers to entry
Product differentiation
Control over market price by individual firms
#7
What is the concept of 'opportunity cost' in economics?
The cost of producing one more unit of a good or service
The cost of forgoing the next best alternative
The total cost of production
The cost of inputs in production
#8
What is the main function of the Federal Reserve System in the United States?
Regulate international trade
Supervise commercial banks
Conduct monetary policy
Control fiscal policy
#9
In economics, what does the term 'inflation' refer to?
Decrease in the general price level
Increase in the general price level
Stagnation in economic growth
Decrease in the money supply
#10
Which of the following is a characteristic of monopolistic competition?
Many buyers and many sellers
Identical products
No barriers to entry
Substitute goods
#11
What is the formula to calculate total revenue?
Total Revenue = Price × Quantity
Total Revenue = Price / Quantity
Total Revenue = Quantity - Price
Total Revenue = Price + Quantity
#12
What is the concept of 'elasticity of demand' in economics?
The degree of responsiveness of quantity demanded to a change in price
The tendency of demand to remain constant regardless of price changes
The measure of total revenue generated by a change in price
The ratio of demand to supply in a market
#13
What is the concept of 'comparative advantage' in international trade?
The ability of a country to produce a good using fewer resources than another country
The ability of a country to produce all goods more efficiently than another country
The preference for domestically produced goods over imported goods
The tendency of a country to import more than it exports
#14
What is the concept of 'perfectly elastic demand' in economics?
Demand that is extremely sensitive to price changes
Demand that is unaffected by price changes
Demand that is perfectly responsive to price changes
Demand that is constant regardless of price changes
#15
In economics, what is the term used to describe a good for which demand decreases as consumer income rises?
Normal good
Inferior good
Giffen good
Luxury good