#1
In social economics, what does the term 'utility' refer to?
The total revenue of a business
The satisfaction or pleasure derived from consuming a good or service
The cost of production
The overall economic output of a country
#2
What is the concept of 'social capital' in social economics?
The total financial wealth of a society
The value of bonds and stocks in the market
The networks and relationships that individuals have, fostering cooperation and trust
The government's budget allocation for social programs
#3
What is the concept of 'externalities' in social economics?
The benefits or costs that affect individuals not directly involved in an economic activity
The internal factors influencing individual decision-making
The government's role in regulating markets
The distribution of income in society
#4
What is the concept of 'moral hazard' in social economics?
The tendency of individuals to engage in risky behavior when they know they will not bear the full consequences of their actions
The impact of government regulations on market competition
The unequal distribution of wealth in a society
The influence of cultural factors on economic decisions
#5
What is the concept of 'stagflation' in economics?
A situation of high inflation and high unemployment occurring simultaneously
A period of economic growth with stable inflation rates
The impact of government spending on aggregate demand
A state of deflation combined with a stagnant economy
#6
What is the main focus of behavioral economics?
Studying macroeconomic trends
Analyzing individual decision-making and behavior in economic contexts
Investigating government fiscal policies
Examining global trade patterns
#7
Which economic concept suggests that people tend to prefer immediate rewards over future rewards?
Opportunity cost
Discounted cash flow
Time preference
Marginal utility
#8
In economic decision-making, what is 'bounded rationality'?
The idea that individuals always make perfectly rational decisions
The limitations on human cognitive abilities that prevent perfect rationality
The impact of inflation on consumer choices
The influence of emotional factors on economic behavior
#9
What is the concept of 'income elasticity of demand' in economics?
A measure of how sensitive quantity demanded is to a change in price
The percentage change in quantity demanded for a good in response to a one percent change in income
The ratio of total income to total expenditure
A measure of market competition
#10
What does the term 'economic inequality' refer to?
The unequal distribution of resources and wealth in a society
The absence of market competition
The impact of inflation on purchasing power
The level of government intervention in the economy
#11
What is the 'Tragedy of the Commons' in the context of social economics?
A situation where individuals act in their self-interest, depleting shared resources and harming the collective good
A market failure due to insufficient regulation
An economic recession affecting multiple countries
A phenomenon where public goods are overproduced
#12
Which economic theory suggests that individuals make decisions based on rational self-interest and information?
Keynesian economics
Behavioral economics
Classical economics
Game theory
#13
According to Maslow's Hierarchy of Needs, what is the highest level of need that individuals seek to fulfill?
Physiological needs
Safety needs
Social needs
Self-actualization needs
#14
What is the 'Laffer Curve' in economics?
A curve depicting the relationship between inflation and unemployment
A curve illustrating the trade-off between efficiency and equity in taxation
A curve showing the relationship between tax rates and government revenue
A curve representing the impact of interest rates on economic growth
#15
What is the 'Phillips Curve' in economics?
A curve depicting the relationship between inflation and unemployment
A curve illustrating the impact of government spending on GDP
A curve showing the relationship between interest rates and investment
A curve representing the elasticity of supply in a market