A. substitute good
B. complementary good
C. bargain
D. inferior good
Economics Mcqs
If the real wage is too high in the labour market ?
A. The quantity demanded of labour is higher than the quantity supplied
B. The quantity demanded of labour equals the quantity supplied
C. The quantity demanded of labour is lower than the quantity supplied
D. It will automatically adjust in the short run to bring equilibrium
An increase in consumer income will increase demand for a ……… but decrease demand for a?
A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good
Occupational immobility of labour occurs if ?
A. People lack information
B. People do not want to work
C. People do not have the right skills to work
D. People cannot afford to move location
The basic economic problems will not be solved by ?
A. Market forces
B. Government intervention
C. A mixture of government intervention and the free market
D. The creation of unlimited resources
Reducing involuntary unemployment ?
A. Helps the economy move on the to Production Possibility Frontier
B. Helps shift the economy’s Production Possibility Frontier outwards
C. Helps the economy move along its Production Possibility Frontier
D. Helps the economy move inside the Production Possibility Frontier
A mixed economy ?
A. Has supply but not demand
B. Has demand but not supply
C. Has supply and demand
D. Has market forces and government intervention
TO reduce cyclical unemployment the government might ?
A. Increase the budget surplus
B. Increase the balance of payment deficit
C. Reduce interest rates
D. Reduce government expenditure
The public sector includes ?
A. Investors owning companies
B. Government ownership of assets
C. Market forces of supply and demand
D. All trade via barter
According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ?
A. Employed
B. Not in the labour force
C. A discouraged worker
D. Unemployed