Which of these is NOT one of the basic economic questions?
Correct answer A. How to maximise economic growth
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Economics MCQs
Page 79 of Economics multiple-choice questions with answers. Tap an option to check yourself.
Page 79 of 131
- Miscellaneous Economics 737
- Basic of Economics 430
- Markets, Efficiency And The Public Interest 167
- Agriculture & Irrigation System of Pakistan 126
- Market 87
- Macroeconomic Issues and Analysis 75
- Money, Interest Rates And Output 73
- Introduction To Economics 70
- Population And Development 62
- Profit Maximizing Under Perfect Competition And Monopoly 56
- Income Inequality 52
- Non-Tariff Trade Barriers 48
- Aggregate Supply, Unemployment And Inflation 45
- Natural Resources and the Environment Toward Sustainable Development 44
- Costs , Supply And Perfect Competition 44
- Human Capital 42
- Labour Market 39
- Monopoly 35
- Long Term Economic Growth 30
- Inflation & Productivity 30
- Regional Trading Arrangements 29
- Characteristics and Institutions of Developing Countries 24
- Oligopoly 23
- Consumer Theory vs. Real Consumers 20
- Applied Microeconomics 20
- Alternative Theories Of The Firm 20
- Public Goods 20
- Balance of Payments, Aid and Foreign Investment 19
- Prices, Wages & Taxes 19
- Comparative GDP 19
- Budget Deficits And The Trade Balance 18
- Macroeconomic Policy Tools 18
- Asymmetric Information 17
- Application of Economics 16
- Production Factors 16
- Monopoly & Competition 15
- Capital Formation, Investment Choice, Information Technology, And Technical Progress 15
- Monetary, Fiscal And Incomes Policy, And Inflation 15
- Average And Total Cost 14
- Poverty, Malnutrition, And Income Inequality 12
- Monetary Union 10
What does a free market rely on?
Correct answer C. Market forces of supply and demand
Which feature is typical of a command (planned) economy?
Correct answer B. The public sector is large
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Which of these is a normative economic statement?
Correct answer A. The government should concentrate on reducing unemployment
What is the focus of macroeconomics?
Correct answer C. Economic aggregates
Which branch of economics does the study of inflation belong to?
Correct answer A. Macroeconomics
What is the term for the total demand for goods and services in an economy?
Correct answer D. Aggregate demand
Which statement about a rise in the wage rate is correct?
Correct answer A. It will decrease total earnings if the demand for labour is wage elastic
Which of the following best defines a recession?
Correct answer A. A period during which aggregate output declines
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What is a fall in the demand for labour likely to cause?
Correct answer D. A lower equilibrium wage and lower quantity of labour
What does the concept of opportunity cost imply?
Correct answer A. A major increase in public health care spending means an expansion in other areas will be harder to achieve
Which statement correctly describes the marginal revenue product curve?
Correct answer A. It is downward sloping due to the law of diminishing returns
What is the graph called that shows every combination of goods and services society can produce when all its resources are used efficiently?
Correct answer D. Production possibility curve
Up to what point will a profit-maximising firm employ labour?
Correct answer B. Marginal revenue product = marginal cost of labour
When workers cannot take up a job because of the cost of moving, what is this called?
Correct answer D. Geographical immobility
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In a planned or command economy, who takes all the economic decisions?
Correct answer D. The government
What name is given to unemployment caused by a fall in aggregate demand?
Correct answer C. Cyclical unemployment
Which of these activities involves a trade-off?
Correct answer D. All of these answers involve trade-offs
Which change is likely to reduce the natural rate of unemployment?
Correct answer D. More training is available for the unemployed
Which policy might the government adopt when the economy suffers from cyclical unemployment?
Correct answer B. Cut taxes