#1
Which economic concept refers to the total value of goods and services produced within a country's borders in a specific time period?
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Inflation Rate
Unemployment Rate
#2
In economics, what does the term 'opportunity cost' refer to?
The total cost of producing a good or service.
The cost of the next best alternative foregone when a decision is made.
The cost incurred due to inflation.
The cost of purchasing capital goods.
#3
What is the term used to describe a situation where one company or a group of companies dominates a particular market or industry?
Monopoly
Oligopoly
Monopsony
Perfect Competition
#4
In economics, what does the term 'elasticity' measure?
The responsiveness of quantity demanded to a change in price
The rate of inflation
The total revenue of a firm
The level of unemployment
#5
What is the term used to describe a situation where the government spends more money than it collects in revenue during a fiscal year?
Budget surplus
Budget deficit
National debt
Trade deficit
#6
What economic term is used to describe a situation where the price of a good or service increases over time?
Deflation
Inflation
Stagflation
Recession
#7
Which of the following best describes the term 'disruptive technology'?
A technology that enhances existing products or processes.
A technology that revolutionizes and significantly alters existing industries or markets.
A technology that is expensive and difficult to implement.
A technology that is not widely accepted by consumers.
#8
What effect does automation typically have on the labor market?
Decreases unemployment as new jobs are created in technology-related fields.
Increases unemployment as machines replace human workers in various industries.
Leads to a shift in the types of jobs available, but overall employment remains stable.
Has no significant impact on the labor market.
#9
Which of the following is NOT a characteristic of a perfectly competitive market?
Many buyers and sellers
Homogeneous products
Barriers to entry
Perfect information
#10
Which of the following best describes the concept of 'comparative advantage'?
When a country can produce a good using fewer resources than another country.
When a country has an absolute advantage in producing all goods.
When a country can produce a good at a lower opportunity cost than another country.
When a country's total output exceeds its total input.
#11
Which of the following is a characteristic of a command economy?
Private ownership of resources
Decentralized decision-making
Government control over resource allocation
Market-driven prices
#12
Which of the following is NOT considered a factor of production in economics?
#13
Which economic theory suggests that technological advancements lead to increased productivity and economic growth?
Keynesian Economics
Monetarism
Supply-side Economics
Endogenous Growth Theory
#14
What is the primary role of central banks in managing the economy?
Regulating fiscal policy
Implementing trade policies
Controlling inflation and monetary policy
Enforcing antitrust laws