#1
Which of the following is a characteristic of a perfectly competitive market?
A small number of buyers and sellers
Homogeneous products
High barriers to entry
Control over prices by individual firms
#2
What is the primary function of the Federal Reserve System in the United States?
Fiscal policy implementation
Monetary policy implementation
Tax collection
Regulation of international trade
#3
What does the term 'opportunity cost' represent in economics?
The cost of purchasing goods and services
The cost of production
The value of the next best alternative forgone
The cost of marketing and advertising
#4
Which of the following is a characteristic of monopolistic competition?
A single seller dominating the market
Identical products sold by all firms
Significant barriers to entry
Product differentiation
#5
Which of the following is an example of a regressive tax?
Income tax
Sales tax
Property tax
Corporate tax
#6
What is the primary goal of a business organization?
Maximize profits
Minimize costs
Maximize market share
Maximize social welfare
#7
What is the term used to describe a situation where the quantity of a good demanded exceeds the quantity supplied at a given price?
Surplus
Shortage
Equilibrium
Scarcity
#8
Which economic concept refers to the total value of all final goods and services produced within a country's borders in a given period?
Gross National Product (GNP)
Gross Domestic Product (GDP)
Net National Product (NNP)
Net Domestic Product (NDP)
#9
In business strategy, what does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
Sales, Workforce, Operations, Technology
Supply, Wealth, Organization, Taxes
Strategies, Workflow, Objectives, Targets
#10
What economic concept refers to a sustained increase in the general price level of goods and services in an economy?
Deflation
Recession
Inflation
Stagflation
#11
Which of the following is NOT a component of Porter's Five Forces analysis in business?
Threat of substitutes
Bargaining power of suppliers
Bargaining power of customers
Technological advancements
#12
What term is used to describe the excess of total revenue over total cost?
Profit
Revenue
Market share
Gross margin
#13
In economics, what is meant by the 'invisible hand' concept?
Government regulation of markets
Spontaneous economic order from individual self-interest
Charitable donations
Labor unions
#14
What does the term 'elasticity' measure in economics?
The responsiveness of quantity demanded to changes in price
The total revenue earned by a firm
The efficiency of resource allocation
The rate of inflation
#15
What economic theory suggests that government intervention in the market should be minimized to achieve economic efficiency?
Keynesian economics
Monetarism
Classical economics
Austrian economics
#16
According to the law of demand, what is the relationship between the price of a good and the quantity demanded, ceteris paribus?
Positive
Negative
Neutral
Unpredictable
#17
Which of the following is NOT a characteristic of oligopoly?
Few large firms dominating the market
Homogeneous products
Significant barriers to entry
Strategic interdependence among firms
#18
In business, what is meant by the term 'market segmentation'?
The process of expanding into new markets
Dividing a market into distinct groups of buyers with different needs
The total available market for a product or service
The distribution channels used to reach customers
#19
In business strategy, what is the purpose of a SWOT analysis?
To identify strengths, weaknesses, opportunities, and threats
To evaluate financial performance
To analyze market demand
To forecast future trends