World Economic Systems MCQ Test 5

1. What economic model emphasizes the importance of individual choices and actions in determining economic outcomes?

2. What is the primary function of the World Trade Organization (WTO)?

3. What type of economy is characterized by the government's control over all economic decisions?

4. Which economic model emphasizes limited government involvement and free-market principles?

5. What is the role of the World Trade Organization (WTO) in global trade?

6. What is the 'Kuznets Curve,' and how does it depict the relationship between economic development and inequality?

7. What is a characteristic of a market economy?

8. What is the primary function of the Organization of the Petroleum Exporting Countries (OPEC)?

9. Which economic theory advocates for government intervention to stabilize the economy, especially through fiscal and monetary policies?

10. What term is used to describe the value of a country's exports minus its imports?