Economics MCQs

Page No. 223

The idea that the demand for car workers stems from the demand for cars is ?


aoutput demand

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bindirect demand

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cderived demand

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dthe value of the marginal product of auto workers.

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View Answer derived demand

The poverty trap refers to ?


a a situation in which those receiving state benefits may be almost no better off if they choose to work more to earn more income for themselves and their families because doing so will mean they have to pay back the benefits they have previously received

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ba situation in which workers are unable to find jobs.

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ca situation in which those receiving state benefits may be almost no better off if they choose to work more to earn more because doing so will reduce the amount of benefit income to which they are entitled and increase the amount to tax

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da situation in which those receiving state benefits are discriminated against by employers and so find it more difficult to find jobs.

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View Answer a situation in which those receiving state benefits may be almost no better off if they choose to work more to earn more because doing so will reduce the amount of benefit income to which they are entitled and increase the amount to tax

Current anti-poverty programs discourage work because ?


abenefits are reduced at such a high rate when recipients earn more income that there is little or no incentive to work once one is receiving benefits.

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b in order to be eligible for benefits a recipient cannot have a job

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cthey make recipients more comfortable than most middle-class citizens.

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d anti-poverty programs attract naturally lazy people to begin with.

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View Answer benefits are reduced at such a high rate when recipients earn more income that there is little or no incentive to work once one is receiving benefits.

Rawls’s miximin criterion does not mean that there should be redistribution so as to equalise everyone’s incomes in society because ?


aSuch redistribution would mean that those who worked hard were no better off than those who were lazy and this would be unfair.

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bsuch redistribution would not maximize the total income of all members of society

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c Such redistribution would remove the incentive to work hard, so society’s total income would fall, and so the least well off person would be worse off than they could be under a system in which there was some inequality income.

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d such redistribution would amount to confiscation of honestly earned income from higher earners and so would be unjust.

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View Answer Such redistribution would remove the incentive to work hard, so society’s total income would fall, and so the least well off person would be worse off than they could be under a system in which there was some inequality income.

Utilitarianism suggests that the government should choose policies that maximize the total utility of everyone in society by ?


aredistributing income from rich to poor because this is what the members of society would choose to do if they were behind a veil of ignorance

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b redistributing income from rich to poor because due to the diminishing marginal utility of income, taking a pound from the rich reduces their utility by less than the gain in utility generated by giving a pound to the poor

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callowing each individual to maximize their own utility without interference from the government

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dredistributing income from rich to poor because this would maximize the well-being of the worst-off person in society

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View Answer redistributing income from rich to poor because due to the diminishing marginal utility of income, taking a pound from the rich reduces their utility by less than the gain in utility generated by giving a pound to the poor

The maximin criterion suggested by Rawls’s theory of justice means that the government should aim to ?


aMaximize the total utility of society

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bMaximize the well-being of the worst-off person in society

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cminimize the difference between the rich and poor

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dmaximize the economic freedom of individuals by minimizing government interference in private decision making

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View Answer Maximize the well-being of the worst-off person in society

If people can borrow and lend to perfectly smooth out their lifetime living standards, then ?


a transitory income is a good measure of the distribution of living standards

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bnone of these answers

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c permanent income is a good measure of the distribution of living standards.

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dlife-cycle income is a good measure of the distribution of living standards.

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View Answer permanent income is a good measure of the distribution of living standards.

A period of unemployment due to recession will ?


aincrease a worker’s current income and permanent income

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breduce a worker’s current income but not necessarily their permanent income

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caffect neither the current nor the permanent income of a worker

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d reduce a worker’s permanent income but not their current income

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View Answer reduce a worker’s current income but not necessarily their permanent income

Because in-kind transfers are not accounted for in standard measures of income distribution the standard measures of income distribution ?


aaccurately represent the true inequality of living standards

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bunderstate the inequality of living standards

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cexaggerate the inequality of living standards

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dcould exaggerate of understate the inequality of living standards depending on whether the transfers are goods or services.

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View Answer exaggerate the inequality of living standards

During the fiscal year 2009-10 gross fixed capital formation or domestic investment grew by ?


a19.8%

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b10.3%

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c9.2%

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d11.5%

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View Answer 10.3%

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