World Economic Systems MCQ Test: World Economic Systems MCQs - Practice Questions
1. What economic concept does 'Opportunity Cost' represent, and how does it influence decision-making?
2. What is the economic term for a persistent increase in the overall price level of goods and services over time?
3. What economic principle suggests that, as the quantity of a good or service increases, the marginal utility decreases for the consumer?
4. In economic terms, what is inflation?
5. What economic model suggests that individuals act to maximize their own self-interest and that this behavior leads to a well-functioning economy?
6. Which term refers to the study of individual and household behavior in decision-making and allocation of resources?
7. What is 'Cryptoeconomics,' and how does it impact the world of finance?
8. Which international organization focuses on facilitating monetary cooperation and exchange rate stability?
9. What economic principle suggests that, in the production of a good, the input with the lowest contribution determines the output?
10. What is the 'Kuznets Curve,' and how does it depict the relationship between economic development and inequality?
11. In the context of economic cycles, what phase follows a recession?
12. What economic system relies on supply and demand to determine prices and allocate resources?
13. What is 'Dutch Disease,' and how does it impact a nation's economy?
14. In which economic system does the government own and control the means of production, and wealth is distributed based on the principle of equality?
15. Which economic model emphasizes the role of money supply in influencing economic outcomes?
16. Which economic theory advocates for a classless society and common ownership of the means of production?
17. According to the Phillips Curve, what is the relationship between inflation and unemployment?
18. What is 'Economic Nationalism,' and how does it influence trade and economic policies?
19. In economic terms, what does the 'Laffer Curve' illustrate?
20. What is 'Comparative Advantage' in international trade, and how does it contribute to economic efficiency?