#1
Which economic system relies on private ownership of the means of production?
#2
Who is considered the father of modern economics?
#3
Who developed the theory of the 'invisible hand'?
#4
Which of the following is a feature of a traditional economy?
#5
Who is known for their work 'The Wealth of Nations'?
#6
What economic term describes the total amount of goods and services available for purchase by consumers?
#7
In which political system does the government have complete control over the economy?
#8
What is the main principle of laissez-faire economics?
#9
Which of the following is a characteristic of a command economy?
#10
What is the primary goal of a mixed economy?
#11
Which economic system advocates for the abolition of private property and a classless society?
#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?
#13
Who coined the term 'invisible hand' to describe the self-regulating nature of the market?
#14
Who introduced the concept of 'comparative advantage' in economics?
#15
What is the key feature of a centrally planned economy?
#16
Who proposed the 'Theory of the Second Best', suggesting that if one market imperfection exists, introducing another may actually improve welfare?
#17
Who introduced the concept of 'opportunity cost' in economics?
#18