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Hard
March 3rd
Questions
Which economist is known for his theory of 'creative destruction' in capitalism?
What is the term used to describe the study of individual choices in a world of scarcity?
In economics, what does the 'Laffer Curve' illustrate?
Which economic concept refers to the total value of all goods and services produced within a country in a specific period, adjusted for inflation?
What term describes the situation where a country exports more goods and services than it imports, leading to a surplus in the balance of trade?
Hard
September 12th
Questions
What is the term used to describe the measure of responsiveness of quantity demanded to a change in price?
Which economic concept refers to the total market value of all final goods and services produced within a country in a given period?
What economic theory suggests that a government should increase its spending during economic downturns to stimulate economic activity?
Which term describes a situation where there are only a few sellers in a market, allowing them to control prices and limit competition?
What is the economic concept that states that as more units of a good are consumed, the additional utility or satisfaction gained from each additional unit will eventually diminish?
