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
