A. super economics
B. microeconomics
C. microeconomics
D. hyper economics
Miscellaneous Economics Mcqs
Firms sell their products in…………….?
A. factor markets
B. resource markets
C. product markets
D. abstract markets
Participants in the market system…………….?
A. are totally free to pursue their goals
B. are affected by prices and incomes
C. try to maximize their worth
D. try to maximize their labor
When the supply and demand curves intersect the final lasting price is achieved This is called………….?
A. clearance price
B. equilibrium price
C. pressure price
D. a buyer’s market
Total “laissez-faire” is impossible because…………….?
A. the market does not provide for satisfying public needs
B. the market is not equitable favoring those with more resources
C. the market makes no provision for protecting smaller participants
D. all of the above
The Great Depression……………..?
A. resulted from the greed of the robber barons
B. resulted from insufficient demand
C. was the worst case of massive unemployment
D. only B and C
In economic terms incomes are distributed according to…………….?
A. a person’s marginal productivity
B. whom one knows
C. which skills one has
D. innate talent
A way of calculating the total output of the economy regardless of where resources are located is…………….?
A. the GDP
B. the GNP
C. the NNP
D. the SPQR
In order to raise the GNP and the GDP per capita one must…………?
A. earn more money
B. increase productivity
C. increase absenteeism
D. decrease productivity
The inordinate growth of government is a side effect of…………….?
A. the increasing poverty of individual states
B. government intervention in the economy
C. the political apathy of public
D. the willingness of individuals to give up traditional freedoms