#1
Which economic system relies on supply and demand to determine prices and allocate resources?
Capitalism
Socialism
Communism
Feudalism
#2
What is the main goal of fiscal policy?
To control the money supply
To influence the economy through government spending and taxation
To regulate the stock market
To stabilize exchange rates
#3
What is the primary purpose of trade protectionism?
To encourage international trade
To promote economic growth
To restrict imports and protect domestic industries
To stabilize exchange rates
#4
Which economic policy aims to increase the overall level of economic activity in a recession?
Monetary policy
Supply-side policy
Expansionary fiscal policy
Contractionary fiscal policy
#5
Which of the following is a feature of a market economy?
Centralized planning by the government
Private ownership of resources
Equal distribution of wealth
Government control over prices
#6
Which of the following is NOT a characteristic of a command economy?
Centralized government control
Private ownership of production
Limited consumer choice
Allocation of resources by government planning
#7
What is the name of the economic theory that suggests government intervention in the economy should be minimal?
Keynesian economics
Monetarism
Austrian economics
Neoclassical economics
#8
In which economic system are the means of production collectively owned and controlled by the state?
Capitalism
Socialism
Communism
Feudalism
#9
What is the term used to describe a situation where the market fails to allocate resources efficiently?
Market equilibrium
Market failure
Price discrimination
Price elasticity
#10
What is the primary function of the World Trade Organization (WTO)?
To promote free trade
To control global currency exchange rates
To regulate labor standards worldwide
To impose tariffs on imports
#11
Which of the following is a tool of monetary policy used by central banks to control the money supply?
Fiscal transfers
Public debt issuance
Open market operations
Subsidies
#12
Which of the following is NOT a characteristic of a mixed economy?
Private ownership of production
Government intervention in the economy
Free market principles
Income redistribution
#13
What is the term used to describe the total value of all goods and services produced within a country in a specific period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Budget deficit
Trade surplus
#14
Which of the following is NOT a component of aggregate demand?
Consumption
Investment
Government spending
Trade surplus
#15
What economic indicator measures the average change in prices paid by consumers for goods and services over time?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Producer Price Index (PPI)
Unemployment rate