Economics MCQs

Page No. 220

New technology in the form of computer spreadsheets has increased the productivity of accountants. This will cause ?


athe demand curve for accountants to shift to the right, since the productivity of accountants has increased

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bfirms to move up their demand curves for accountants

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c the demand curve for accountants to shift to the left, since it requires fewer accountants than it did before to do the same amount of work.

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d firms to move down their demand curves for accountants

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View Answer the demand curve for accountants to shift to the right, since the productivity of accountants has increased

As the wage rate per hour increases, the opportunity cost of leisure ?


aremains constant

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bincreases since the cost of forgoing one hour of work increases

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cdecreases since the customer now has more income to spend

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dmay increase of decrease depending on the individual’s preferences.

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View Answer increases since the cost of forgoing one hour of work increases

Assuming that leisure is a normal good. if an individual’s labour supply curve is backward bending then the ?


aincome effect is zero

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b substitution effect outweighs the income effect

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c income effect outweighs the substitution effect

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dincome effect and the substitution effects are equal

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View Answer income effect outweighs the substitution effect

Assuming leisure is a normal good, if the income effect is greater than the substitution effect a wage increase ?


a will have no effect on labour supply

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b will decreases labour supply

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c could cause either an increases or a decrease in labour supply

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d will increase labour supply.

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View Answer will decreases labour supply

Constrained choice is relevant for households ?


amaking spending decision but not labour-supply decision.

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bmaking both spending and labour-supply decisions

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cconsidered to be ‘poor’ but not for those who are considered to be ‘rich’

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dmaking labour-supply decisions but not spending decisions.

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View Answer making both spending and labour-supply decisions

The greatest advantage of a negative income tax is that it ?


agenerates a smaller disincentive to work than most alternative anti-poverty policies.

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b reduces the cost to the government of fighting poverty

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cwould not provide benefits to lazy people

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d ensures that the poor actually receive what the government thinks they need does all these answers.

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View Answer generates a smaller disincentive to work than most alternative anti-poverty policies.

An increase in the minimum wage will cause a relatively large increase in unemployment among ?


aunskilled workers if the demand for labour is relatively inelastic

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bunskilled workers if the demand for labour is relatively elastic

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cskilled workers if the demand for labour is relatively elastic

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d skilled workers if the demand for labour is relatively inelastic

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View Answer unskilled workers if the demand for labour is relatively elastic

Rawls’s suggestion that policy should be directed at maximizing the welfare of the least well off person in society is derived from ?


athe idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that as long as there is no theft then there is no need for governments to intervene and redistribute income.

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bthe idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that people will then be particularly concerned about the possibility that they might find themselves at the bottom of the income distribution

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cthe idea that people a veil of ignorance as policy as if behind a veil of ignorance as to what their circumstances might be in society, and the ignorant people should be looked after

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dthe idea that everyone in society should have an equal income

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View Answer the idea that people should consider policy as if behind a veil of ignorance as to what their circumstances might be in society, and the idea that people will then be particularly concerned about the possibility that they might find themselves at the bottom of the income distribution

Rank utilitarianism liberalism, and libertarianism in sequence from the political philosophy that would redistribute income the greatest to the one that would redistribute income the least?


a utilitarianism, liberalism, libertarianism

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b All three political philosophies argue for similar degree of income redistribution

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cliberalism, libertarianism, utilitarianism

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dlibertariansim, utilitarianism, libertarianism

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View Answer libertariansim, utilitarianism, libertarianism

Mariam earns more than Seamus and she came by her income fairly and honestly which of the following political philosophies would argue against the redistribution of income from Mariam to Seamus ?


aall of these answers

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blibertarianism

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cutilitarianism

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d none of these answers

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View Answer libertarianism

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