#1
Which of the following is a fundamental principle of economics?
Scarcity
Abundance
Overproduction
Excessive consumption
#2
In economics, what does GDP stand for?
Gross Domestic Product
Gross Disposable Profit
General Demand Pattern
Growth and Development Parameters
#3
What does the 'law of demand' state?
As prices decrease, quantity demanded decreases
As prices decrease, quantity demanded increases
As prices increase, quantity supplied decreases
As prices increase, quantity demanded decreases
#4
What is the concept of 'opportunity cost'?
The total cost incurred in producing a good
The cost of the next best alternative foregone
The cost incurred due to inflation
The cost of marketing a product
#5
What is the formula for calculating elasticity of demand?
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Absolute change in quantity demanded / Absolute change in price
Absolute change in price / Absolute change in quantity demanded
#6
Which of the following is NOT a factor of production according to classical economics?
#7
In the context of market structures, which type of market has the most competition?
Monopoly
Oligopoly
Perfect competition
Monopolistic competition
#8
What does the term 'ceteris paribus' mean in economics?
All other things being equal
Supply and demand
Free market
Inflation rate
#9
Which of the following is NOT considered a type of unemployment?
Structural unemployment
Frictional unemployment
Cyclical unemployment
Monopolistic unemployment
#10
Which economic concept is described by 'the ability of a good or service to satisfy human wants'?
Utility
Monopoly
Diminishing Marginal Returns
Perfect Competition
#11
What is the 'invisible hand' concept in economics associated with?
Adam Smith
John Maynard Keynes
Karl Marx
Milton Friedman
#12
Which economic theory is concerned with the long-term growth of an economy through technological advancement?
Classical economics
Keynesian economics
Neoclassical economics
Endogenous growth theory
#13
Which economic theory emphasizes the importance of expectations and confidence in influencing economic behavior?
Classical economics
Monetarism
Rational expectations theory
Austrian economics
#14
Who introduced the concept of 'creative destruction' in economics?
Joseph Schumpeter
John Maynard Keynes
Milton Friedman
Adam Smith
#15
What is the 'Laffer curve' used to illustrate?
The relationship between government spending and taxation
The relationship between tax rates and tax revenue
The relationship between inflation and unemployment
The relationship between interest rates and investment