#1
Which of the following is a characteristic of a developed economy?
High literacy rates
Reliance on agriculture
High population growth
Limited access to healthcare
#2
What is Gross Domestic Product (GDP) used to measure?
The total value of goods and services produced in a country
The total number of people in a country
The total land area of a country
The total exports of a country
#3
What is the term used to describe the total value of a country's exports minus the total value of its imports?
Trade deficit
Balance of payments
Current account balance
Trade surplus
#4
Which organization is responsible for overseeing the international monetary system and providing emergency funding to countries in financial crisis?
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
United Nations (UN)
#5
What is the term used to describe the situation where a country's currency is worth less compared to other currencies?
Depreciation
Appreciation
Stabilization
Revaluation
#6
Which economic indicator measures the percentage change in the price level of a basket of goods and services consumed by households?
Producer Price Index (PPI)
Gini coefficient
Consumer Price Index (CPI)
Human Development Index (HDI)
#7
What economic theory advocates for minimal government intervention in the economy, emphasizing free markets and deregulation?
Socialism
Keynesianism
Neoliberalism
Marxism
#8
Which of the following is a characteristic of a developing economy?
High per capita income
High levels of industrialization
High HDI (Human Development Index)
Reliance on primary industries
#9
What is the primary goal of Structural Adjustment Programs (SAPs) imposed by international financial institutions?
To increase government spending
To reduce external debt
To promote industrialization
To stabilize exchange rates
#10
What is the term used to describe the total market value of all final goods and services produced within a country's borders in a given period?
Gross National Product (GNP)
Net Domestic Product (NDP)
Net National Income (NNI)
Gross Domestic Product (GDP)
#11
Which economic indicator measures the average level of prices in the economy?
Gini coefficient
Consumer Price Index (CPI)
Human Development Index (HDI)
Gross Domestic Product (GDP)
#12
What is the term used to describe the situation where a country's imports exceed its exports?
Trade surplus
Trade deficit
Current account surplus
Current account deficit
#13
Which of the following is NOT a characteristic of a command economy?
Centralized decision-making
Private ownership of resources
Government control of production
Limited consumer choice
#14
What is the term used to describe the situation where a country deliberately reduces the value of its currency relative to other currencies?
Devaluation
Depreciation
Revaluation
Appreciation
#15
Which economic theory emphasizes the role of government intervention to address market failures and promote economic stability?
Neoliberalism
Keynesianism
Monetarism
Austrian School Economics
#16
In the context of international trade, what does the term 'tariff' refer to?
A tax imposed on imports or exports
A restriction on the quantity of imports or exports
A subsidy provided to domestic producers
A quota on foreign investment
#17
What economic term refers to the situation where a market lacks competition, leading to higher prices and reduced output?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
#18
In economic terms, what does 'Fiscal Policy' primarily involve?
Government regulation of interest rates
Government control of the money supply
Government taxation and spending
Government regulation of international trade
#19
In the context of economics, what does the 'Laffer Curve' represent?
The relationship between unemployment and inflation
The relationship between interest rates and investment
The relationship between tax rates and government revenue
The relationship between income inequality and economic growth