#1
Which of the following is a key determinant of supply in the market?
Consumer preferences
Government regulations
Production costs
Advertising strategies
#2
In economics, what does GDP stand for?
Gross Domestic Product
Global Demand Projection
Government Development Plan
General Distribution Principle
#3
Which economic system relies on private ownership and individual decision-making?
Socialism
Capitalism
Communism
Mixed economy
#4
According to the law of demand, what happens to quantity demanded when the price of a good increases?
Increases
Decreases
Remains constant
Not affected
#5
What is the concept of 'invisible hand' associated with in economics?
Supply and demand
Market competition
Government intervention
Free-market capitalism
#6
Which economic principle suggests that individuals maximize utility when making choices?
Law of Demand
Law of Supply
Marginal Utility
Opportunity Cost
#7
What is the Law of Diminishing Marginal Returns in economics?
As production increases, the marginal cost decreases
As production increases, the marginal product of input eventually decreases
As production decreases, the marginal cost increases
As production decreases, the marginal product of input increases
#8
What does the term 'opportunity cost' refer to in economics?
The cost of production
The cost of alternatives foregone when a decision is made
The total cost of goods and services
The cost of government intervention
#9
Which market structure is characterized by a large number of sellers and buyers with similar products?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
#10
What is the formula for calculating the price elasticity of demand?
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Total revenue / Quantity demanded
Quantity demanded / Total revenue
#11
What is the primary function of the Federal Reserve in the United States?
Fiscal policy
Monetary policy
Trade policy
Environmental policy
#12
What is the Phillips Curve in economics primarily used to depict?
Inflation and unemployment trade-off
Interest rate movements
GDP growth and income inequality
Consumer price index fluctuations
#13
Which economic indicator is often considered a lagging indicator for the overall health of the economy?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Unemployment rate
Corporate profits
#14
Which economic theory is associated with the idea that government intervention in the economy is often counterproductive?
Keynesian economics
Supply-side economics
Monetarism
Marxism