#1
1. In economics, what does GDP stand for?
General Domestic Product
Global Development Plan
Gross Domestic Product
Government Distribution Protocol
#2
10. Which economic theory advocates for limited government intervention and emphasizes the role of the free market?
Keynesian economics
Marxist economics
Classical economics
Behavioral economics
#3
12. In economic terms, what does the acronym OPEC stand for?
Organization of Petroleum Exporting Countries
Organization for the Promotion of Economic Cooperation
Overseas Partnerships for Economic Cooperation
Office for Petroleum Export and Control
#4
17. According to the concept of the 'circular flow of income,' what are the two main sectors of the economy?
Households and firms
Government and foreign sector
Consumption and investment
Public and private sectors
#5
25. Which economic theory argues that government intervention is necessary to address market failures and ensure economic stability?
Laissez-faire economics
Keynesian economics
Classical economics
Supply-side economics
#6
2. According to the law of demand, what happens to the quantity demanded when the price of a good decreases?
Increases
Decreases
Remains constant
Fluctuates randomly
#7
3. Which economic system relies on private ownership and individual decision-making?
Command economy
Market economy
Mixed economy
Traditional economy
#8
6. What is the Tragedy of the Commons in economics?
A dramatic decline in the stock market
Overconsumption of shared resources due to lack of property rights
A catastrophic economic collapse
A global economic crisis
#9
7. Which economic indicator measures the average change in prices of goods and services over time?
Unemployment rate
GDP growth rate
Inflation rate
Interest rate
#10
11. What is the concept of 'marginal utility' in economics?
The total satisfaction derived from consuming a good
The additional satisfaction derived from consuming one more unit of a good
The total cost of producing a good
The total revenue generated by selling a good
#11
4. What is the concept of 'opportunity cost' in economics?
The total cost of an opportunity
The cost of giving up the next best alternative
The cost of production
The cost of living
#12
5. In the context of societal values, what does the term 'social equity' refer to?
Equal distribution of wealth and resources
Promoting individual success
Market competition
Private property rights
#13
8. According to the concept of externalities, what is a positive externality?
A side effect that harms an uninvolved third party
A side effect that benefits an uninvolved third party
A side effect with no impact on third parties
A side effect that benefits the producer
#14
9. In societal values, what does the term 'cultural relativism' mean?
Judging a culture based on one's own cultural standards
Promoting cultural diversity
Adopting a universal set of cultural values
Rejecting cultural diversity
#15
13. According to Adam Smith, what term is used to describe the self-regulating nature of a free market without government intervention?
Invisible hand
Laissez-faire
Market equilibrium
Supply and demand