#1
Which of the following is not a component of GDP?
Government spending
Investment
Imports
Exports
#2
Who is considered the father of modern economics?
John Maynard Keynes
Adam Smith
Karl Marx
David Ricardo
#3
What is the primary tool used by central banks to control the money supply?
Fiscal policy
Open market operations
Exchange rate policy
Monetary policy
#4
Which of the following is a measure of inflation that excludes the prices of food and energy?
#5
Which of the following is a characteristic of a recession?
Rising GDP
Decreasing unemployment
Declining consumer spending
Increasing business investment
#6
Which economic event is known as 'Black Tuesday'?
The Great Depression
The Dot-com Bubble
The Financial Crisis of 2008
The Oil Crisis of 1973
#7
What is the term for the total value of goods and services produced in a country in a year?
National income
Gross national product (GNP)
Gross domestic product (GDP)
Net domestic product (NDP)
#8
Which country experienced hyperinflation in the early 1920s, leading to the adoption of a new currency?
United States
United Kingdom
Germany
France
#9
What does the term 'stagflation' refer to?
High inflation combined with low economic growth and high unemployment
Low inflation combined with high economic growth and low unemployment
High inflation combined with high economic growth and low unemployment
Low inflation combined with low economic growth and high unemployment
#10
Which of the following is a leading economic indicator?
Consumer Price Index (CPI)
Gross Domestic Product (GDP)
Unemployment rate
Stock market index
#11
Which economic theory advocates for government intervention in the economy to stabilize output and avoid recessions?
Classical economics
Keynesian economics
Monetarism
Supply-side economics
#12
Who developed the theory of comparative advantage?
John Maynard Keynes
David Ricardo
Adam Smith
Karl Marx
#13
Which economic concept refers to the idea that there are unlimited wants but limited resources?
Opportunity cost
Scarcity
Elasticity
Marginal utility
#14
Who is known for developing the theory of rational expectations?
John Maynard Keynes
Milton Friedman
Karl Marx
Friedrich Hayek
#15
Who is considered the founder of modern macroeconomics?
John Maynard Keynes
Adam Smith
Milton Friedman
John Stuart Mill