Economics MCQs

Correct answer A. It helps the economy move on to its production possibility frontier

Correct answer D. It has market forces and government intervention

Correct answer D. Reduce interest rates

Correct answer B. Government ownership of assets

Correct answer B. Not in the labour force

Correct answer B. Scarcity

Correct answer B. Aggregate demand

Correct answer A. It creates more unemployment in low-skill job markets than in high-skill job markets

Correct answer B. Goods and services produced in an economy

Correct answer B. The quantity of labour supplied will exceed the quantity of labour demanded and there will be unemployment

Correct answer B. an increase in the overall price level

Correct answer C. Raising the minimum wage

Correct answer C. At the going wage rate, there are people who want to work but cannot find work

Correct answer E. All of these answers

Correct answer C. Marginal

Correct answer A. When it offsets the market power of a large firm that is the dominant employer in a region

Correct answer B. That which we forgo, or give up, when we make a choice or a decision

Correct answer C. By increasing the wage in the unionised sector, which may create an increase in the supply of workers in the non-unionised sector

Correct answer D. Points inside the production possibility curve

Correct answer C. Income and wealth