What term describes a significant, prolonged economic decline with falling GDP?
Economics MCQs
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What is the primary function of a Central Bank?
In economics, what is the term for the value of the next best alternative that was not taken when a decision was made?
What are the two primary tools of fiscal policy?
What economic concept represents the value of the next best alternative foregone?
What is the primary tool used by central banks to control inflation?
Which market structure features a single seller with no close substitutes?
What term, popularized by economist Adam Smith in ‘The Wealth of Nations,’ describes the unintended social benefits resulting from individual self-interested actions in a free market?
Which indicator is widely used in economics to measure the total market value of all final goods and services produced within a country’s borders in a specific time period?
Which indicator measures inflation by tracking the price of a consumer goods basket?
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