#1
Which of the following best describes the concept of 'technological unemployment'?
A decrease in job opportunities due to technological advancements
ExplanationTechnology replacing human labor.
#2
What does the term 'Gig Economy' refer to?
An economy characterized by short-term freelance work
ExplanationEconomy based on short-term freelance engagements.
#3
What is the primary purpose of encryption in technology?
To protect data confidentiality
ExplanationSecuring data from unauthorized access.
#4
What is the term used to describe the phenomenon where the value of a network or product increases as more people use it?
Network effect
ExplanationValue increase with more users.
#5
What does 'AI' stand for in the context of technology?
Artificial Intelligence
ExplanationSimulated intelligence in machines.
#6
Which economic concept refers to the idea that resources are limited but wants and needs are infinite?
Scarcity
ExplanationLimited resources compared to unlimited wants.
#7
In economics, what does 'GDP' stand for?
Gross Domestic Product
ExplanationTotal value of goods and services produced within a country.
#8
What is the 'Laffer Curve' used to illustrate?
The relationship between tax rates and government revenue
ExplanationRelationship between tax rates and revenue.
#9
Which of the following is NOT a characteristic of monopolistic competition?
Price taker
ExplanationNot being a price taker.
#10
Which economic indicator measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services?
Consumer Price Index (CPI)
ExplanationMeasure of consumer goods and services prices over time.
#11
Which economic theory argues that government intervention in the market is often necessary to ensure economic stability and promote social welfare?
Keynesian economics
ExplanationGovernment intervention for economic stability and social welfare.
#12
What does the term 'disruptive technology' refer to?
Innovations that fundamentally change existing markets or industries
ExplanationInnovations altering markets or industries significantly.
#13
Which economic concept is illustrated by the idea that individuals and firms make decisions based on comparing marginal costs and marginal benefits?
Rational choice
ExplanationDecisions based on marginal costs and benefits.
#14
What is the term for a sudden, significant, and often unpredictable change in technology or the economy?
Black swan event
ExplanationUnforeseen and impactful event.