Subsidies are used to hearten ______ of a item;
(A). production
(B). saving
(C). consumption
(D). inflation
(E). None of these

MCQ Answer:  production
The use of the good or service do without by selecting another investment is called
(A). disposable income
(B). purchasing power parity
(C). opportunity cost
(D). consumer price index
(E). None of these

MCQ Answer:  opportunity cost

The main role of markets is to define the
(A). quality of goods
(B). quantity of goods
(C). level of income
(D). price of goods
(E). None of these

MCQ Answer:  Price of goods

The type of economics bothered with the final performance of the economy is known as
(A). Microeconomics
(B). Econometrics
(C). Keynesian Economics
(D). Macroeconomics
(E). None of these

MCQ Answer:  Macroeconomics

The type of economics about with the use of statistical methods to gain actual results for economic relations is known as
(A). Econometrics
(B). Macroeconomics

(C). Microeconomics
(D). Keynesian Economics
(E). None of these

MCQ Answer:  Econometrics

In Which type of economics disturbed with the behavior of markets, firms, and households is known as
(A). Econometrics
(B). Macroeconomics
(C). Bayesian Economics
(D). Microeconomics
(E). None of these

MCQ Answer:  Microeconomics

Which of the following economic type is used to describe inequality in income distribution;
(A). Gini
(B). GNP
(C). GDP
(D). HDI
(E). None of these

MCQ Answer:  Gini
Wealth is created to able when no individual’s economic welfare can be better unless
(A). supply is increased
(B). demand is increased
(C). someone else is improved
(D). someone else is made worse off
(E). None of these

MCQ Answer:  Someone else is made worse off

Taxes are used to dispirit _____ of a item;
(A). saving
(B). production
(C). consumption
(D). inflation
(E). None of these

MCQ Answer:  consumption

Which of the following economic resources cannot be changed into a commodity?
(A). Labour
(B). Land
(C). Capital
(D). All of these can be converted into a commodity
(E). None of these

MCQ Answer:  Labour

Inputs have collaborated with technology to makes outputs. The basic inputs (also called factors of production) are
(A). land and capital
(B). land, labor, capital, and investment
(C). land and labor
(D). land, labor, and capital
(E). None of these

MCQ Answer:  land, labor, and capital

Goods made to produce yet other goods is called
(A). final goods
(B). resources
(C). investment
(D). capital
(E). None of these

MCQ Answer:  capital

Select the feature of a modern economy;
(A). Division of Labor
(B). Specialization
(C). Financial Markets
(D). All of these
(E). None of these

MCQ Answer:  All of these

When no firm or consumer how to affect the market price, the market is supposed to have
(A). no competition
(B). imperfect competition
(C). perfect competition
(D). none of these
(E). None of these

MCQ Answer:  perfect competition

When study the effect of a variable on the economic system, the other things
(A). must be kept constant
(B). must also be analyzed
(C). must not be taken into consideration
(D). none of these
(E). None of these

MCQ Answer:  must be kept constant

Which of the following are the results of the defective competition in the markets?
(A). Public goods
(B). Externalities
(C). Monopolies
(D).All of these
(E). None of these

MCQ Answer:  All of these

Select the founder of Microeconomics;
(A). Friedrich Hayek
(B). John Keynes
(C). Adam Smith
(D). Milton Friedman
(E). None of these

MCQ Answer:  Adam Smith

Who is the founder of modern Macroeconomics?
(A). Adam Smith

(B). Friedrich Hayek
(C). Milton Friedman
(D). John Keynes
(E). None of these

MCQ Answer:  John Keynes

The basic conception of Economics about resources ;
(A). equally distributed
(B). scarce
(C). unequally distributed
(D). unlimited
(E). None of these

MCQ Answer:  scarce

Suppose a world without a shortage of resources. Then what would be the result?
(A). Markets would be unnecessary
(B). All prices would be zero
(C). Economics would no longer be a useful subject
(D). All of these
(E). None of these

MCQ Answer:  All of these