#1
Which of the following is an example of a macroeconomic indicator?
Gross Domestic Product (GDP)
ExplanationGDP is a broad measure of a country's economic performance, representing the total value of all goods and services produced.
#2
What does the term 'disruptive technology' refer to?
Technology that brings a significant shift in the market or industry
ExplanationDisruptive technology causes substantial changes, reshaping industries and markets.
#3
Which of the following is an example of a renewable energy source?
Solar Power
ExplanationSolar power is a sustainable and renewable energy source harnessed from the sun's radiation.
#4
What is the primary goal of technological innovation?
To improve productivity and create value
ExplanationTechnological innovation aims to enhance efficiency, productivity, and generate value in various sectors.
#5
Which economic system is characterized by private ownership of the means of production and free market competition?
Capitalism
ExplanationCapitalism features private ownership of resources and a market-driven economic structure with minimal government interference.
#6
Which economic concept refers to the total value of goods and services produced within a country in a given period?
Gross Domestic Product (GDP)
ExplanationGDP measures the economic output within a country during a specific timeframe.
#7
What is the main objective of fiscal policy?
To influence the economy through government spending and taxation
ExplanationFiscal policy aims to manage economic conditions through government spending and taxation.
#8
What is the concept of 'opportunity cost' in economics?
The cost of forgoing the next best alternative when making a decision
ExplanationOpportunity cost is the value of the best alternative sacrificed when a decision is made.
#9
What is the role of a central bank in an economy?
To regulate and supervise financial institutions
ExplanationCentral banks oversee and control financial institutions to ensure stability and integrity in the economy.
#10
What economic term describes a situation where the quantity demanded for a product exceeds the quantity supplied?
Shortage
ExplanationA shortage occurs when demand for a product surpasses its available supply in the market.
#11
Which economic theory emphasizes the importance of government intervention to stabilize the economy?
Keynesian economics
ExplanationKeynesian economics advocates for government involvement to address economic fluctuations and stabilize the market.
#12
What is the term used to describe the practice of outsourcing tasks or services to a third-party provider, often located overseas?
Offshoring
ExplanationOffshoring involves outsourcing tasks or services to external providers, frequently in other countries.