1. What is the formula for calculating the price elasticity of demand?
2. Which of the following is not a type of economic system?
3. What is the term for a situation where the market does not allocate resources efficiently?
4. Which of the following is a characteristic of a perfectly competitive market?
5. Which of the following is a factor of production?
6. Which of the following is an example of fiscal policy?
7. Which type of inflation is caused by an increase in the cost of production?
8. What does the production possibility curve represent?
9. What is the basic economic problem?
10. What is Gross Domestic Product (GDP)?
11. What is the formula for calculating the unemployment rate?
12. What is the main objective of monetary policy?