#1
Which of the following is a basic economic problem?
Scarcity
Abundance
Overproduction
Sustainability
#2
In economics, what does the term 'inflation' refer to?
Decrease in the general price level
Increase in the general price level
Stability in the general price level
Fluctuations in the exchange rate
#3
What is the law of diminishing marginal returns in economics?
As production increases, marginal returns also increase
As production increases, marginal returns decrease
As production decreases, marginal returns decrease
As production decreases, marginal returns increase
#4
What is the primary goal of a central bank in managing monetary policy?
Maximizing inflation
Minimizing unemployment
Stabilizing prices and promoting economic growth
Controlling fiscal policy
#5
What is the economic concept of 'utility'?
The total value of all goods and services produced in a country
The satisfaction or pleasure derived from consuming a good or service
The measure of inflation in an economy
The percentage change in the price level
#6
What does GDP stand for in economics?
Gross Domestic Product
General Demand and Production
Government Development Program
Global Distribution Protocol
#7
Who is considered the father of modern economics?
Adam Smith
John Maynard Keynes
Karl Marx
Friedrich Hayek
#8
What is the formula for calculating the unemployment rate?
(Number of employed / Labor force) x 100
(Number of unemployed / Labor force) x 100
(Number of employed / Number of unemployed) x 100
(Number of unemployed / Number of employed) x 100
#9
Which market structure is characterized by a large number of sellers offering differentiated products?
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
#10
Which economic concept refers to the total value of all goods and services produced in a country within a specific time period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Gross Domestic Product (GDP)
Net National Product (NNP)
#11
In the context of supply and demand, what is a 'price ceiling'?
A legal minimum price for a good or service
A legal maximum price for a good or service
The equilibrium price in the market
A tax imposed on producers
#12
What is the law of demand in economics?
As price increases, quantity demanded decreases
As price decreases, quantity demanded decreases
As price increases, quantity demanded increases
As price decreases, quantity demanded increases
#13
What is the opportunity cost?
The cost of an opportunity
The value of the next best alternative forgone
The total cost of production
The cost incurred in starting a new business
#14
What is the primary function of the Federal Reserve in the United States?
Fiscal policy
Monetary policy
Foreign trade regulation
Income redistribution
#15
What is the Laffer Curve used to illustrate in economics?
Relationship between unemployment and inflation
Tax revenue and tax rates
Consumer demand and supply
Elasticity of demand
#16
What is the concept of 'elasticity' in economics?
The responsiveness of quantity demanded to a change in price
The total revenue earned by a firm
The percentage change in GDP
The government's control over inflation
#17
According to the Phillips Curve, what is the relationship between inflation and unemployment?
There is a positive relationship
There is a negative relationship
There is no relationship
There is an inverse relationship