Economics Exam Semester 2 - Multiple Choice Questions

Which of the following factors is most responsible for encouraging international trade base on comparative theory?

• Existence of trade barriers, such as tariffs and quotas

• Differences in labour costs and resource availability across countries

• Uniform consumer preferences across all countries

• Global political instability and lack of international agreements

• Special natural resources available

What is the primary purpose of the APBN in Indonesia?

• To regulate tariffs

• To manage national financial resources

• To fund regional development

• To encourage foreign investment

• To distribute welfare equally

The local government’s budget, known as the APBD, primarily funds:

• National Défense

• Education

• Local infrastructure and services

• International aid

• Federal programs

In accounting, which equation represents the basic accounting equation?

• Assets + Liabilities = Equity

• Assets = Liabilities + Equity

• Assets - Liabilities = Equity

• Equity = Assets - Liabilities

• Equity = Liabilities - Assets

Which of the following is the primary factor that contributes to a company's competitive advantage?

• Producing the same goods as competitors but at a higher price

• Having the largest market share in the industry, regardless of the quality of the products

• Providing the highest quality products, regardless of the price

Which of the following is an example of a non-tariff barrier?

• Import duties

• Quotas

• Tax incentives

• Licensing requirements

• Subsidies

The 'balance of payments' includes which of the following components?

• Only trade in goods

• Trade in goods, services, income, and transfers

• Government revenue

• Only capital transfers

• Import and export

Which principle underlies the concept of comparative advantage?

• Absolute scarcity

• Opportunity cost

• Fixed costs

• Profit maximization

• Absolute natural resources

In the context of budgeting, what does the term "fiscal deficit" refer to?

• Excess of total spending over total revenue

• Excess of total revenue over total spending

• Balance between revenue and spending

• Surplus in the current account

• Revenue equal with spending

Which of the following is a key difference between economic growth and economic development?

• Economic growth refers to increases in a country's GDP, while economic development includes improvements in standards of living, health, and education.

• Economic growth is concerned with income equality, while economic development focuses on the distribution of resources.

• Economic growth is measured by changes in inflation, while economic development looks at GDP per capita.

• Economic growth is only related to industrialization, whereas economic development involves both economic and social changes.

• Economics growth showing welfare of citizen, while economics develop includes social changes