BGS, BSGS Bachelor of General Studies Economics and Business

Question 1

What term describes the total market value of all goods and services produced in a country in one year?

Accepted Answer

Gross Domestic Product

Answer

Consumer Price Index

Answer

National Debt

Answer

Trade Balance

Question 2

Which economic principle states that as more units of a good are consumed, the additional satisfaction from each unit decreases?

Accepted Answer

Law of Diminishing Marginal Utility

Answer

Law of Supply

Answer

Comparative Advantage

Answer

Economies of Scale

Question 3

What type of market structure is characterized by one seller controlling the entire supply of a product?

Accepted Answer

Monopoly

Answer

Oligopoly

Answer

Perfect Competition

Answer

Monopsony

Question 4

In the US, which federal agency is primarily responsible for conducting monetary policy?

Accepted Answer

Federal Reserve

Answer

Department of the Treasury

Answer

Securities and Exchange Commission

Answer

Office of Management and Budget

Question 5

What does the term 'inflation' refer to in economics?

Accepted Answer

A general rise in the price level over time

Answer

A decrease in the money supply

Answer

An increase in unemployment

Answer

A reduction in government spending

Question 6

Which business document summarizes a company's revenues, expenses, and profit over a specific period?

Accepted Answer

Income Statement

Answer

Balance Sheet

Answer

Cash Flow Statement

Answer

Accounts Receivable Ledger