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Question: Which of the following is NOT a type of market structure?Options: Perfect competitionMonop..
Question: What is the primary function of money in an economy?Options: To serve as a medium of excha..
Question: If a new technology reduces production costs, what is likely to happen to the supply of th..
Question: What is the term for a situation where quantity demanded is greater than quantity supplied..
Question: Which of the following is NOT a determinant of supply?Options: Production costsTechnologyC..
Question: What effect does an increase in consumer preferences for a product have on its demand?Opti..
Question: What is a market equilibrium?Options: Where supply exceeds demandWhere demand exceeds supp..
Question: If the supply of a good decreases while demand remains constant, what happens to the equil..
Question: What is the law of supply?Options: As price increases, quantity supplied decreasesAs price..
Question: Which of the following factors can cause a shift in the demand curve?Options: Change in co..
Question: What happens to the demand for a product when its price decreases?Options: Demand increase..
Question: What is the term for the total value of all final goods and services produced in a country..
Question: What is a common effect of high inflation?Options: Increased purchasing powerDecreased cos..
Question: What is the primary purpose of national income accounting?Options: To measure inflationTo ..
Question: What happens to supply when production costs increase?Options: Supply increasesSupply decr..
Question: What does it mean to have a balanced budget?Options: Revenues equal expensesExpenses excee..
Question: What is a key indicator of inflation?Options: Unemployment rateConsumer Price Index (CPI)G..
Question: What is the formula for calculating GDP using the expenditure approach?Options: C + I + G ..
Question: Which market structure has the most competition?Options: MonopolyOligopolyPerfect competit..
Question: What is the primary purpose of supply?Options: To determine pricesTo meet consumer demandT..
Question: Which of the following is a characteristic of a perfectly competitive market?Options: Few ..
Question: What is the law of demand?Options: As price increases, demand increasesAs price decreases,..
Question: What is the main function of the checks and balances system?Options: To limit government p..
Question: Which amendment granted women the right to vote?Options: 15th Amendment19th Amendment24th ..
Question: What is the term length for a U.S. Senator?Options: 2 years4 years6 years8 yearsCorrect An..
Question: Who has the power to declare war?Options: The PresidentCongressThe Supreme CourtThe Secret..
Question: What is the main role of the executive branch?Options: To create lawsTo enforce lawsTo int..
Question: Which branch of government is responsible for interpreting laws?Options: LegislativeExecut..
Question: What is the highest law of the land?Options: State lawsThe ConstitutionFederal lawsInterna..
Question: How many justices are on the Supreme Court?Options: 791113Correct Answer: 9Solution: There..
