A. Scarcity
B. Money
C. Consumption
D. Allocation
Economics Mcqs
Refer to Figure 1. The unemployment rate is ?
A. 3.2 Percent
B. 5.7 Percent
C. 5.8 Percent
D. Not Enough
Microeconomics is not concerned with the behavior of ?
A. aggregate demand
B. firms
C. Consumers
D. industries.
A minimum wage law tends to ?
A. Help all teenagers because they receive a higher wage than they would otherwise
B. have no impact on unemployment as long as it is set above the competitive equilibrium wage
C. Create more Unemployment is high-skill job markets than in low-skill job markets
D. Create more unemployment in low-skill job markets than in high-skill job markets
Aggregate supply is the total amount ?
A. of labor supplied by all households.
B. Produced by the government.
C. of goods and services produced in an economy.
D. of products produced by a given industry.
If, for any reason the wage is held above the competitive equilibrium wage?
A. The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment
B. Unions will likely Strike and the wage will fall to equilibrium
C. The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage
D. The quality of workers in the applicant pool will tend to fall
Inflation is……………….?
A. a decrease in the overall price level.
B. an increase in the overall price level.
C. an increase in the overall level of economic activity.
D. a decrease in the overall level of economics activity
Which of the following government policies would fail to lower the unemployment rate ?
A. Establishing worker training Programs
B. Establishing right-to-work laws
C. Reducing unemployment benefits
D. Establishing employment agencies
E. Raising the minimum wage
Unemployment means that ?
A. there is excess demand in the labour market
B. there are some people who will not work at the going wage rate.
C. people are not willing to work at the going wage rate.
D. at the going wage rate, there are people who want to work but cannot find work.
Which of the following is an example of a reason why firms might pay efficiency wages ?
A. At equilibrium wages workers sleep when the boss is not looking because workers are not deeply concerned about being fired
B. At equilibrium wages workers often quit to find better jobs.
C. At equilibrium wages only minimally qualified workers apply for the job
D. At equilibrium wages, workers cannot afford a healthy diet so they fall asleep at work due to a lack of energy
E. All of these answers