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1. Which of the following is a core concept in macroeconomics?Anonymous voting
- a) Supply and demand
- b) Market equilibrium
- c) National income
- d) Consumer behavior
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3. Which of these is NOT a key macroeconomic indicator?Anonymous voting
- a) Inflation rate
- b) Unemployment rate
- c) Gross Domestic Product (GDP)
- d) Market share of a particular company
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12. Which of the following is a characteristic of a perfectly competitive market?Anonymous voting
- a) Many sellers, each with a small market share
- b) Homogeneous products
- c) Free entry and exit
- d) All of the above
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7. What is the concept of opportunity cost?Anonymous voting
- a) The cost of producing a good or service
- b) The value of the next best alternative forgone
- c) The cost of borrowing money
- d) The cost of living
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6. What is the main goal of fiscal policy?Anonymous voting
- a) To regulate the money supply and interest rates
- b) To control government spending and taxation
- c) To promote fair competition in the marketplace
- d) To protect consumer rights
4. What is the difference between a recession and a depression?Anonymous voting
- a) A recession is a short-term downturn, while a depression is a prolonged and severe downturn
- b) A recession is caused by inflation, while a depression is caused by deflation
- c) A recession affects only a few industries, while a depression affects all industries
- d) There is no difference; the terms are interchangeable
11. What is the difference between a price floor and a price ceiling?Anonymous voting
- a) A price floor is a minimum price, while a price ceiling is a maximum price
- b) A price floor is a maximum price, while a price ceiling is a minimum price
- c) A price floor is set by the government, while a price ceiling is set by the market
- d) A price floor is set by the market, while a price ceiling is set by the government
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2. What is the primary focus of microeconomics?Anonymous voting
- a) The behavior of individual consumers and firms
- b) The overall performance of the economy
- c) The role of government in the economy
- d) The effects of international trade
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