Economics - Economic Planning MCQ Test 1

1. What is 'crowding out' in fiscal policy?

2. Define the term 'elasticity of supply' in microeconomics.

3. What is the difference between absolute advantage and comparative advantage?

4. Explain the concept of 'stagflation' in macroeconomics.

5. What is the 'Lorenz curve' and its use in measuring income inequality?

6. Define 'ceteris paribus' in economic analysis.

7. Define 'Ricardian equivalence' in fiscal policy.

8. Explain the 'human capital theory' in the economics of education.

9. Explain the 'Heckscher-Ohlin model' in international trade theory.

10. What is 'hyperinflation' and its impact on an economy?

11. Define 'moral suasion' in central banking.

12. Define 'game theory' and its application in economics.

13. What role does 'monetary policy' play in economic planning?

14. Define 'opportunistic behavior' in the context of economics.

15. Explain the 'economics of aging' and its examination of the economic implications of an aging population.

16. What is the concept of 'Pareto efficiency' in economics?

17. Explain the 'velocity of money' in monetary economics.

18. In economics, what does GDP stand for?

19. Define 'economics of crime' and its examination of the economic factors influencing criminal behavior.

20. Explain the concept of 'externalities' in economics.

21. What is 'economic anthropology' and its role in understanding economic activities within different cultures?

22. What is 'feminist economics' and its focus on gender-related economic issues?

23. What is the role of the IMF (International Monetary Fund) in the global economy?

24. What is the primary goal of economic planning?

25. Define the term 'stagflation' in economic terms.

26. Define 'socioeconomic impact of technology' and provide an example.

27. Define 'asymmetric information' in the economics of information.

28. Explain the concept of 'perfect competition' and its characteristics.

29. What is the purpose of the World Trade Organization (WTO)?

30. Define 'liquidity preference' in Keynesian economics.

31. Define 'structural unemployment' and its causes.

32. Define 'GDP per capita' and its significance in economic analysis.

33. What is the concept of 'comparative advantage' in international trade?

34. Define 'quantitative easing' in monetary policy.

35. What is the impact of 'technological innovation' on economic growth?

36. Define 'bounded rationality' in behavioral economics.

37. Explain the concept of 'economic equilibrium' in market dynamics.

38. Define 'fiscal deficit' in the context of economic planning.

39. What is the purpose of 'trade barriers' in international economics?

40. What is the 'Lucas critique' and its relevance in economic policy evaluation?

41. Define 'income inequality' and its impact on society.

42. Define 'economics of art and culture' and its exploration of the economic aspects of artistic and cultural production.

43. Define the term 'oligopoly' in market structures.

44. What is 'Pigovian tax' and its role in environmental economics?

45. Define 'marginal utility' in microeconomics.

46. Define the term 'opportunity cost' in economics.

47. Which economic system is characterized by private ownership of resources and minimal government intervention?

48. Discuss the economic consequences of 'rolling plans' and their flexibility.

49. Define 'trade deficit' in international trade.

50. Define 'cultural economics' and its exploration of the relationship between culture and economic activities.