Economics Mcqs

A. The government sells assets to a the private sector
B. The government bans a product
C. The government takes control of an industry
D. The government taxes a product to a raise its price

A. a maximum price usually set by government that sellers may charge for a good
B. the different between the initial equilibrium price and the equilibrium price after a decrease in supply
C. a minimum price usually set by government that sellers must charge for a good
D. a minimum price that consumers are willing to pay for a good.

A. supply exceeds demand
B. a surplus exists
C. there is perfectly inelastic demand for the good
D. demand exceeds supply

A. quantity demanded will be greater than quantity supplied
B. quantity demanded will be less than quantity supplied
C. demand will be less than supply.
D. quantity demanded will equal quantity supplied .

A. goods are sold at prices above legal or official price.
B. buyers and/or sellers are not paying taxes as they should
C. illegal substances are sold
D. transactions are not recorded in the GDP figures.

A. Whether there is perfect or imperfect information
B. elasticities of demand and supply
C. how many producers there are:
D. who is legally obliged to pay the tax

A. produce less at a lower price
B. produce more at a lower price
C. produce less at a higher price
D. produce less at a lower price

A. research
B. cost-saving
C. technical advance
D. all of the above

A. long run marginal cost
B. short run marginal cost
C. long run average cost
D. long run marginal cost

A. The oligopolist believes that competitors will match output increase but not output reduction
B. The oligopolist believes that competitors will match price increase but not output reduction
C. The oligopolist believers that competitors will match price cuts but not price rises
D. The oligopolist believes that competitors will match price increase but not output increase