A. positive statements, facts
B. opinions personal facts
C. positive statements values
D. opinions facts
Economics Mcqs
Some frictional Unemployment is inevitable because ?
A. of minimum wage laws
B. There are changes in the demand for labour among different firms.
C. Of unions
D. All of these answers
E. Efficiency wages may hold the wage
If marginal benefit is greater than marginal cost, a rational choice involves ?
A. no more of the activity.
B. less of the activity
C. more of the activity
D. more or less, depending on the benefits of other activities
Which of the following statements about efficiency wage theory is true ?
A. Paying above the competitive equilibrium wage tends to cause workers to shirk their responsibilities
B. Firms do not have a choice about whether they pay efficiency wages or not because these wages are determined by law
C. Paying the lowest possible wage is always the most efficient (Profitable)
D. Paying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort
Data are important in economics because ……… and …………?
A. they suggest relationships for explanation, allow testing of hypotheses
B. they can be used for tables, they can be graphed
C. they can be used in computers governments use them
D. they provide interesting information can be summarized
Which of the following types of unemployment will exist even if the wage is at the competitive equilibrium ?
A. Unemployment due to unions
B. Unemployment due to efficiency wages
C. Frictional Unemployment
D. Unemployment due to minimum-wage laws
The retail price index is used to………………?
A. construct price lists
B. compare shop prices
C. measure changes in the cost of living
D. None of the above
IF Unemployment insurance were so generous that it paid laid off workers 95 percent of their regular salary ?
A. Frictional Unemployment would fall
B. The official unemployment rate would probably understate true unemployment
C. The official unemployment rate would probably overstate true unemployment
D. There would be no impact on the official unemployment rate
E. None of these answers
The Marginal Revenue Product is likely to be wage inelastic if ?
A. Labour costs are a high percentage of total costs
B. Demand for the final product is price inelastic
C. It is relatively easy to substitute capital for labour
D. There are many substitutes for the final product
If you income during one year is Rs10,000 and the following year it is Rs12,000 then it has grown by …………….?
A. 20%
B. 2%
C. 12%
D. 16%