#1
Which term describes the shift of populations from rural areas to urban areas?
Urbanization
ExplanationProcess of increasing urban population and infrastructure.
#2
What is one of the primary causes of income inequality worldwide?
Government policies
ExplanationPolicy decisions affecting wealth distribution.
#3
Which organization oversees international trade agreements and dispute resolutions?
World Trade Organization
ExplanationGlobal body regulating international trade rules and conflicts.
#4
What is the term used to describe the process of privatizing state-owned enterprises?
Privatization
ExplanationTransferring government-owned assets to private ownership.
#5
Which economic indicator measures the average prices of goods and services in an economy?
Inflation rate
ExplanationPercentage change in general price levels over time.
#6
Which international organization is responsible for providing loans to developing countries?
World Bank
ExplanationFinancial institution supporting development projects in poorer nations.
#7
Which economic theory advocates for minimal government intervention in the economy?
Neoliberalism
ExplanationEmphasizes free-market capitalism and limited state involvement.
#8
What is a key feature of the 'informal economy'?
Unregulated or unregistered economic activities
ExplanationEconomic transactions outside formal regulations and record-keeping.
#9
What is the primary goal of sustainable development?
Preserving environmental resources
ExplanationBalancing economic growth with environmental conservation.
#10
Which of the following is a characteristic of a mixed economy?
Combination of private and public ownership
ExplanationBlending private enterprise with state involvement in ownership.
#11
What is a characteristic of a command economy?
Centralized planning
ExplanationState-controlled economic decision-making and planning.
#12
Which economic theory advocates for government spending to stimulate economic growth during recessions?
Keynesian economics
ExplanationSupports government intervention to manage economic cycles.
#13
Which region has experienced rapid economic growth dubbed the 'Asian Miracle'?
East Asia
ExplanationRemarkable economic expansion in East Asian countries.
#14
What is the main purpose of a sovereign wealth fund?
Investing excess reserve funds
ExplanationGovernment-managed fund for investing surplus reserves.
#15
What is a characteristic of a traditional economy?
Adherence to cultural customs
ExplanationEconomic decisions based on cultural traditions and customs.
#16
In economics, what is the term for the ratio of the quantity of output to the quantity of input?
Productivity
ExplanationEfficiency measure indicating output per unit of input.
#17
What does the 'Laffer curve' illustrate in economics?
Relationship between tax rates and tax revenue
ExplanationGraphical representation of tax rate impact on government revenue.