Introduction To Economics MCQs

Correct answer B. Goods and services produced in an economy

Correct answer B. an increase in the overall price level

Correct answer C. At the going wage rate, there are people who want to work but cannot find work

Correct answer C. Marginal

Correct answer B. That which we forgo, or give up, when we make a choice or a decision

Correct answer D. Points inside the production possibility curve

Correct answer C. Income and wealth

Correct answer A. Inequality in the distribution of income is a more serious problem than unemployment

Correct answer D. Scarce

Correct answer A. The action produces marginal benefits that exceed marginal costs

Correct answer A. Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game

Correct answer B. Fewer students will take degree courses in education and more will take accounting courses

Correct answer C. Food

Correct answer C. Market participants act as if guided by an invisible hand to produce outcomes that maximise social welfare

Correct answer D. Governments increasing the quantity of money too much

Correct answer D. It tells producers to produce more beef

Correct answer C. The money you spent on food

Correct answer C. How society decides what, how and for whom to produce

Correct answer C. The process by which prices adjust to reconcile the allocation of resources

Correct answer B. Economic problems are solved by the government and the market