#1
Which of the following is a fundamental principle of economic freedom?
Government control and regulation
Centralized planning
Private property rights
Monopoly
#2
According to economic freedom principles, what is the role of property rights in a free-market system?
Discourage ownership
Limit individual freedom
Protect and encourage individual ownership
Centralize ownership with the government
#3
What is the primary role of entrepreneurship in promoting economic freedom?
To establish government control
To limit competition
To drive innovation and economic growth
To enforce price controls
#4
In economic freedom, what is the significance of the rule of law?
To enforce arbitrary regulations
To provide a framework for consistent and fair legal treatment
To favor certain individuals or businesses
To eliminate legal systems entirely
#5
According to the principles of economic freedom, what is the role of the price mechanism in allocating resources?
To create artificial scarcity
To centralize resource allocation
To efficiently allocate resources based on supply and demand
To eliminate competition
#6
In the context of economic freedom, what does the term 'Laissez-faire' refer to?
Government intervention in the economy
Free-market capitalism with minimal government interference
Communist economic system
Trade barriers and restrictions
#7
Which economist is often associated with the idea of the 'Invisible Hand' guiding economic decisions?
John Maynard Keynes
Milton Friedman
Adam Smith
Karl Marx
#8
Which economic system aligns with the idea of 'From each according to his ability, to each according to his needs'?
Capitalism
Socialism
Communism
Fascism
#9
In the context of economic freedom, what is the 'Tragedy of the Commons'?
Overuse and depletion of shared resources without proper incentives
Success of common resource management
Agricultural revolution
Government control of common resources
#10
Which economic concept suggests that individuals seek to maximize their utility or satisfaction?
Price elasticity
Opportunity cost
Utility maximization
Aggregate demand
#11
In the context of economic freedom, what is the 'Rule of Law'?
Legal system favoring certain individuals
Consistent and predictable application of laws
Absence of any legal framework
Arbitrary rule by the government
#12
What is the role of competition in the principles of economic freedom?
To promote monopolies
To discourage innovation
To drive efficiency and innovation
To reduce consumer choices
#13
Which index is commonly used to measure economic freedom globally?
Consumer Price Index (CPI)
Human Development Index (HDI)
Index of Economic Freedom (IEF)
Gini coefficient
#14
Which organization produces the annual 'Economic Freedom of the World' report?
World Bank
International Monetary Fund (IMF)
Fraser Institute
United Nations
#15
According to economic freedom principles, what is the relationship between taxation and individual freedom?
Higher taxes lead to greater individual freedom
Lower taxes enhance individual freedom
Taxation has no impact on individual freedom
Taxation is unrelated to economic freedom
#16
How does free trade contribute to economic freedom?
By promoting protectionism
By limiting international transactions
By increasing economic cooperation and reducing barriers
By favoring isolationism
#17
Which economic thinker is associated with the concept of 'Creative Destruction'?
John Maynard Keynes
Joseph Schumpeter
Milton Friedman
Karl Marx