A. is relevant only for a capitalist economy like the United States.
B. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C. Suggests all our wants can be achieved.
D. Would be relevant if we eliminated poverty
Economics Mcqs
The Marginal Revenue Product is ?
A. Upward sloping due to the law of demand
B. Upward sloping due to the law of marginal utility
C. Downward sloping due to the law of diminishing returns
D. Downward sloping due to the law of supply
A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?
A. capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve.
A profit maximising firm will employ labour up to the point where ?
A. Marginal revenue = marginal product
B. Marginal cost = marginal product
C. Marginal revenue product = average cost of labour
D. Marginal revenue product = marginal cost of labour
The circular flow of goods and incomes shows the relationship between?
A. Wages and salaries.
B. income and money
C. goods and services.
firms and households
If employees cannot accept a job because of the costs of moving this is known as ?
A. Occupational immobility
B. Cyclical unemployment
C. Structural immobility
D. Geographical immobility
In a planned or command economy, all the economics decisions are taken by the ?
A. Consumers
B. voters
C. government
D. Workers
If people are made unemployed because of a fall in aggregate demand this is known as ?
A. Frictional unemployment
B. Seasonal unemployment
C. Cyclical unemployment
D. Structural unemployment
Which of the following involves a trade – off ?
A. Taking a nap
B. All of these answers involve trade-offs
C. Watching a football game on Saturday afternoon
D. Going to university
The natural rate of unemployment is likely to fall if ?
A. unemployment benefits increase
B. Income tax increases
C. More training is available for the unemployed
D. Geographical immobility increases