Economics MCQs

Page No. 438

Which of the following products would be least capable of producing an externality ?


a inoculations against disease

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bcigarettes

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cfood

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deducation

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View Answer food

-7-+47-+45-+-+Since people respond to incentives, we would expect that if the average salary of accountants increases by 50% while the average salary of teachers increase by 20% then ?


aFewer students will take degree courses in education and more will take accounting courses.

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bfewer students will take degree courses in education and more will take accounting courses

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cfewer students will attend university

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dNone of these

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View Answer fewer students will take degree courses in education and more will take accounting courses

Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?


a nothing because you found the money.

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b Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.

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cRs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.

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d Rs20 (because you could have used the Rs20 to buy other things)

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View Answer Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.

A rational person does not act unless ?


athe action is ethical

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bThe action produces marginal costs that exceed marginal benefits.

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c The action produces marginal benefits that exceed marginal costs.

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dThe action makes money for the person.

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View Answer The action produces marginal benefits that exceed marginal costs.

Trade-offs are required because wants are unlimited, and resources are ?


a economical

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bunlimited

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cEfficient

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dScarce

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View Answer Scarce

Which one of the following is a normative statement ?


aThe richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent

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bInflation is rising

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cThe proportion of people’s income paid in taxes is higher under this government than under the previous one.

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d Inequality in the distribution of income is a more serious problem than unemployment

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View Answer Inequality in the distribution of income is a more serious problem than unemployment

In a free market system, the amount of goods and services that any one household gets depends upon its ?


a income

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b income and wealth

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c wealth

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dwage and interest income

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View Answer income and wealth

Periods of less than full employment corresponds to _________________ ?


apoints outside the production possibility curve

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b. either points inside or outside the production possibility curve.

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cpoints on the production possibility curve

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dpoints inside the production possibility curve.

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View Answer points inside the production possibility curve.

Opportunity cost is_________________?


a the cost incurred in the past before we make a decision about what to do in the future.

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ba cost that cannot be avoided. regardless of what is done in the future

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c that which we forgo, or give up, when we make a choice or a decision.

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dthe additional benefit of buying an additional unit of a product

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View Answer that which we forgo, or give up, when we make a choice or a decision.

A student chooses to study because the marginal benefit is greater than the ______________ cost?


aaverage

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bexpected

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ctotal

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dmarginal

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View Answer marginal

Goto Page No.

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