#1
Which economic concept refers to a period of declining economic activity across a national economy?
Boom
Expansion
Recession
Inflation
#2
Which organization was established to promote economic cooperation and development among European countries?
European Union (EU)
North Atlantic Treaty Organization (NATO)
European Economic Community (EEC)
World Trade Organization (WTO)
#3
Which of the following is NOT a characteristic of a command economy?
Private ownership of property
Centralized planning
Government control of production
Limited consumer choice
#4
Which international organization was established in 1995 to supervise and liberalize international trade?
International Monetary Fund (IMF)
World Bank
World Trade Organization (WTO)
United Nations (UN)
#5
Which economic concept refers to a sustained increase in the general price level of goods and services in an economy?
Deflation
Inflation
Recession
Stagflation
#6
Which economic theory advocates for government intervention to stabilize the economy?
Keynesian economics
Austrian economics
Monetarism
Classical economics
#7
What was the primary aim of the Marshall Plan?
To provide aid for the reconstruction of Western Europe
To facilitate the spread of communism
To establish a military alliance against the Soviet Union
To support the industrialization of Japan
#8
Which country adopted the policy of 'perestroika' and 'glasnost' in the 1980s?
United States
United Kingdom
China
Soviet Union
#9
What was the Bretton Woods Agreement?
An agreement to establish the International Monetary Fund (IMF)
A treaty to dismantle colonial empires
A pact to regulate international trade
A plan to rebuild war-torn Europe
#10
Which of the following countries was part of the 'Miracle on the Han River'?
Thailand
South Korea
India
Brazil
#11
What is the term used to describe the rapid economic growth experienced by many East Asian countries in the late 20th century?
Green Revolution
Great Leap Forward
Asian Tiger phenomenon
Redistribution of wealth
#12
Which economic theory emphasizes the importance of supply-side policies such as tax cuts and deregulation?
Monetarism
Keynesian economics
Austrian economics
Supply-side economics
#13
What was the main objective of the Plaza Accord of 1985?
To stabilize exchange rates between major currencies
To promote free trade agreements
To regulate oil prices
To establish a global minimum wage