#1
Which economic system relies on private ownership of the means of production and market-driven decisions?
Capitalism
Socialism
Communism
Mixed Economy
#2
In governance, what does the term 'fiscal policy' primarily focus on?
Monetary supply
Government spending and taxation
Foreign relations
Judicial reforms
#3
In a parliamentary system of governance, who is typically the head of government?
President
Prime Minister
Chancellor
Monarch
#4
What is the primary role of the Federal Reserve in the United States?
Fiscal policy formulation
Foreign affairs
Monetary policy and financial regulation
Social welfare programs
#5
Which economic concept refers to the increase in the general price level of goods and services over time?
Deflation
Recession
Inflation
Stagnation
#6
In governance, what does the term 'checks and balances' refer to?
Ensuring a balance between government branches
Financial audits
International relations
Public opinion polls
#7
What is the primary goal of a command economy?
Economic equality
Market competition
Government intervention
Consumer choice
#8
Which economic system combines elements of both socialism and capitalism?
Communism
Capitalism
Socialism
Mixed Economy
#9
What is the primary function of the World Trade Organization (WTO)?
Military cooperation
International trade regulation
Environmental conservation
Humanitarian aid
#10
What is the main focus of microeconomics?
National economies
Individual markets and firms
International trade
Macroeconomic policies
#11
Who is known for the concept of the 'Invisible Hand' in economics?
Karl Marx
Adam Smith
John Maynard Keynes
Milton Friedman
#12
What is the purpose of a sovereign wealth fund in economic terms?
Stimulate economic growth
Diversify investment portfolios
Provide social welfare
Control inflation
#13
Who proposed the concept of the 'Theory of Comparative Advantage'?
David Ricardo
John Maynard Keynes
Adam Smith
Karl Marx
#14
What is the primary aim of a central bank in a country's economic system?
Political stability
Profit maximization
Monetary policy and financial stability
Resource allocation
#15
What is the primary purpose of the International Monetary Fund (IMF)?
Promote cultural exchange
Provide military aid
Facilitate international monetary cooperation
Regulate global trade