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Q1: What economic system is characterized by private ownership of resources and minimal government intervention?
A1: Free market capitalism
Q2: Match each economic term with its correct definition.
A2: Inflation - General rise in prices, Recession - Economic decline over two quarters, GDP - Total value of goods produced
Q3: What is the primary function of a central bank?
A3: Monetary policy management
Q4: Which of the following are types of market structures?
A4: Monopoly, Perfect competition, Oligopoly
Q5: What is the term for the total market value of all finished goods and services produced within a country's borders in a year?
A5: Gross Domestic Product
Q6: Which economic policy involves the government collecting less tax revenue than it spends?
A6: Deficit spending
Q7: Match each type of tax with its correct description.
A7: Progressive tax - Rate increases with income, Regressive tax - Rate decreases with income, Flat tax - Same rate for all income
Q8: What economic concept describes the extra satisfaction gained from consuming one more unit of a good?
A8: Marginal utility
Q9: Which of the following are characteristics of a monopolistic market?
A9: Single seller, High barriers to entry, Price maker
Q10: What is the term for money that the government has borrowed to fund public spending?
A10: National debt
Q11: What is the term for a period of rising prices combined with economic stagnation?
A11: Stagflation
Q12: Which monetary policy tool involves the central bank buying government securities from commercial banks?
A12: Open market operations
Q13: What type of unemployment occurs when workers are temporarily between jobs?
A13: Frictional unemployment
Q14: What is the term for a good whose demand increases as its price increases?
A14: Veblen good
Q15: What is the term for the difference between a country's exports and imports?
A15: Trade balance
