#1
Which organization facilitates international trade agreements and negotiations?
World Health Organization (WHO)
International Monetary Fund (IMF)
World Trade Organization (WTO)
United Nations (UN)
#2
What does GDP stand for in the context of economics?
Gross Domestic Product
General Development Protocol
Global Demand Projection
Government Debt Portfolio
#3
What is the primary purpose of the International Monetary Fund (IMF)?
Promoting international trade agreements
Providing financial assistance to member countries facing balance of payments problems
Regulating global stock markets
Fostering cultural exchange between nations
#4
Which economic indicator is often considered a measure of a country's standard of living?
Consumer Price Index (CPI)
Gini Coefficient
Human Development Index (HDI)
Producer Price Index (PPI)
#5
Which economic theory emphasizes the role of incentives, lower taxes, and limited government intervention for promoting economic growth?
Keynesian Economics
Supply-side Economics
Monetarism
Austrian Economics
#6
What is the primary goal of the World Bank?
Promoting international trade
Providing financial assistance to developing countries for infrastructure projects
Regulating global stock markets
Facilitating cultural exchange between member nations
#7
Which economic concept measures the increase in the overall price level of goods and services over time?
Inflation
Deflation
Recession
Stagflation
#8
What is the 'Balance of Trade'?
The difference between exports and imports of goods only
The total value of a country's exports
The difference between income and expenditure in a country
The total value of a country's imports
#9
What does the term 'Dumping' refer to in international trade?
Selling goods in a foreign market at a lower price than in the domestic market
Exporting goods without proper documentation
The process of importing goods at a higher price than the market rate
Illegal trade practices involving counterfeit products
#10
Which economic theory emphasizes the importance of government intervention to stabilize the economy?
Keynesian Economics
Supply-side Economics
Monetarism
Austrian Economics
#11
What is the concept of 'Opportunity Cost' in economics?
The total cost of producing a good or service
The cost of the next best alternative foregone when a decision is made
The cost incurred due to inflation
The cost of inputs required for production
#12
Which international economic organization is responsible for issuing a global currency known as Special Drawing Rights (SDRs)?
World Trade Organization (WTO)
International Monetary Fund (IMF)
World Bank
Bank for International Settlements (BIS)
#13
What is the concept of 'Comparative Advantage' in international trade?
A country's ability to produce a good at a lower opportunity cost than another country
A country's ability to produce more of a good with the same resources
The advantage a country has in producing goods using advanced technology
The advantage a country has in producing goods with cheap labor
#14
What is the 'Laffer Curve' in economics?
A curve showing the relationship between tax rates and tax revenue
A curve representing the production possibilities of an economy
A curve depicting the demand and supply of a commodity
A curve illustrating the relationship between inflation and unemployment
#15
In the context of international economics, what is the 'Trilemma'?
The challenge of achieving monetary stability, free trade, and fixed exchange rates simultaneously
A situation where a country faces three simultaneous recessions
A policy framework promoting high taxes, low government spending, and free markets
The concept of balancing economic growth, social equality, and environmental sustainability
#16
In the context of exchange rates, what does the term 'Pegged' mean?
Allowing the currency to freely float in the foreign exchange market
Tying the value of a currency to another major currency or a basket of currencies
Restricting the flow of currency across borders
Implementing a fixed gold standard for the currency
#17
What is the 'Phillips Curve' in macroeconomics?
A curve showing the relationship between interest rates and inflation
A curve illustrating the trade-off between inflation and unemployment
A curve depicting the impact of taxes on economic output
A curve representing the production possibilities of an economy
#18
What is the 'Big Mac Index' used for in economics?
Measuring the purchasing power of a currency by comparing the prices of Big Macs in different countries
Assessing the global demand for fast food
Calculating the inflation rate based on the price changes of Big Macs
Determining the nutritional content of fast food items