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Medium
January 5th
Questions
Which economic principle explains how resources are allocated efficiently in a competitive market based on consumer preferences and production costs?
What is the term for the phenomenon where an increase in the price of a good leads to an increase in its supply by producers?
What term describes the economic system where private ownership of resources and production is emphasized, with minimal government intervention?
Which term is used in economics to describe a situation where market prices are unable to reflect the true costs or benefits of a product or service?
What is the term for the economic concept that explains how specialization and trade can increase overall production and consumption in a society?
Medium
November 21st
Questions
What term describes the economic cycle characterized by periods of expansion and contraction in economic activity?
Which economic indicator reflects the average price level of a basket of goods and services purchased by households in a specific period?
What is the term for the economic situation where a single buyer significantly influences the price and quantity of goods in a market?
Which economic theory emphasizes the importance of total spending in the economy and its effects on output and inflation?
What term describes the economic strategy where governments impose restrictions on trade to protect domestic industries from foreign competition?
Medium
November 21st
Questions
Which economic concept describes a situation where a rise in the production cost of a good leads to a decrease in the overall supply of that good, often resulting in higher prices?
What is the term for the economic system where the means of production are owned and controlled collectively by the state or society, rather than by private individuals?
In economic theory, what term is used to describe the long-run average total cost curve as it relates to the scale of production?
What is the term for the economic theory that suggests that government intervention can stabilize the economy through fiscal and monetary policy, especially during recessions?
Which economic theory focuses on the benefits of trade and specialization, suggesting that countries should produce goods where they have a comparative advantage?
Medium
September 21st
Questions
What economic model describes the relationship between inflation and unemployment, indicating that they have an inverse relationship?
Which type of market structure is characterized by a large number of small firms producing identical products, with no single firm able to influence the market price?
What is the economic term for the situation where an individual’s actions have an impact on a third party, often leading to unintended consequences?
Which economic indicator measures the total value of finished goods and services produced within a country's borders in a specific time period?
What term describes the economic phenomenon where lower-income individuals pay a higher percentage of their income in taxes compared to higher-income individuals?
Medium
September 21st
Questions
What is the term for the phenomenon where a sudden increase in demand leads to a rapid increase in prices, followed by a sharp decrease?
Which index measures the overall performance of the stock market by tracking a specific group of stocks?
What is the term for an economy that exhibits both inflation and stagnation in economic growth simultaneously?
Which economic principle states that the value of a good or service is determined by the supply and demand in the market?
What is the economic concept that involves the cost of foregoing the next best alternative when making a decision?
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?
