Question 1

What is the concept of opportunity cost?

Accepted Answer

The value of a resource in its next best use

Question 2

What is the primary tool used by central banks to control inflation?

Accepted Answer

Interest rates

Question 3

What is the purpose of a government budget surplus?

Accepted Answer

To reduce national debt

Question 4

What is the principle of comparative advantage?

Accepted Answer

The idea that countries should focus on producing what they are most efficient at

Question 5

What is the Gross Domestic Product (GDP)?

Accepted Answer

The total value of goods and services

Question 6

What is the concept of scarcity?

Accepted Answer

The lack of resources

Question 7

What is the term for a person's ability to understand and manage their own emotions?

Accepted Answer

Emotional regulation

Question 8

What is the term for a person's tendency to avoid dealing with unpleasant or difficult situations?

Accepted Answer

Avoidance

Question 9

What is the term for a person's ability to understand and manage their own thoughts?

Accepted Answer

Cognitive control

Question 10

What is the term for a person's tendency to seek out new experiences and sensations?

Accepted Answer

Curiosity

Social science: Trivia questions with answers