#1
Which economic system relies on private ownership of the means of production?
Socialism
Capitalism
Communism
Fascism
#2
Who is considered the father of modern economics?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
#3
Who developed the theory of the 'invisible hand'?
John Locke
Adam Smith
Karl Marx
Friedrich Hayek
#4
Which of the following is a feature of a traditional economy?
Private ownership of resources
Market-driven prices
Customs and traditions determine economic decisions
Government intervention in the economy
#5
Who is known for their work 'The Wealth of Nations'?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
#6
What economic term describes the total amount of goods and services available for purchase by consumers?
Supply
Demand
Scarcity
Market equilibrium
#7
In which political system does the government have complete control over the economy?
Capitalism
Socialism
Communism
Mixed economy
#8
What is the main principle of laissez-faire economics?
Government intervention in the economy
Free market without government interference
Equal distribution of wealth
State ownership of production
#9
Which of the following is a characteristic of a command economy?
Private ownership of businesses
Government control over production and distribution
Free market competition
Consumer sovereignty
#10
What is the primary goal of a mixed economy?
Maximizing profit for private businesses
Achieving economic equality
Balancing economic growth with social welfare
Complete government control over the economy
#11
Which economic system advocates for the abolition of private property and a classless society?
Socialism
Capitalism
Communism
Mercantilism
#12
What is the term for a situation where a single seller dominates the market, controlling the supply and price of a product or service?
Oligopoly
Monopoly
Perfect competition
Monopsony
#13
Who coined the term 'invisible hand' to describe the self-regulating nature of the market?
Karl Marx
Adam Smith
John Maynard Keynes
Friedrich Hayek
#14
Who introduced the concept of 'comparative advantage' in economics?
David Ricardo
John Maynard Keynes
Milton Friedman
Joseph Stiglitz
#15
What is the key feature of a centrally planned economy?
Private ownership of resources
Decentralized decision-making
Government control over resource allocation
Market-driven prices
#16
Who proposed the 'Theory of the Second Best', suggesting that if one market imperfection exists, introducing another may actually improve welfare?
Paul Samuelson
John Hicks
Richard Lipsey
Kenneth Arrow
#17
Who introduced the concept of 'opportunity cost' in economics?
John Maynard Keynes
Alfred Marshall
David Ricardo
Milton Friedman
#18
Who is credited with developing the concept of 'rational expectations' in economics?
John Maynard Keynes
Milton Friedman
Robert Lucas Jr.
Paul Samuelson