Economics MCQs

Page No. 439

Unemployment means that ?


athere is excess demand in the labour market

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b there are some people who will not work at the going wage rate

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cpeople are not willing to work at the going wage rate.

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d. at the going wage rate, there are people who want to work but cannot find work.

✓



of products produced by a given industry.


aa decrease in the overall price level.

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ban increase in the overall price level.

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can increase in the overall level of economic activity

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da decrease in the overall level of economics activity

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Microeconomics is not concerned with the behavior of ?


aaggregate demand

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bfirms

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cConsumers

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dindustries.

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View Answer aggregate demand

The economics the central problem is ?


a Scarcity

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b Money

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cConsumption

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dAllocation

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View Answer Scarcity

The public sector includes ?


a Investors owning companies

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bGovernment ownership of assets

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c Market forces of supply and demand

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dAll trade via barter

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View Answer All trade via barter

A mixed economy ?


aHas supply but not demand

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bHas demand but not supply

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cHas supply and demand

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dHas market forces and government intervention

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The basic economic problems will not be solved by ?


aMarket forces

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bGovernment intervention

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cA mixture of government intervention and the free market

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d The creation of unlimited resources

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An increase in consumer income will increase demand for a _________ but decrease demand for a?


asubstitute good, inferior good

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bnormal good inferior good

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cinferior good normal good

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dnormal good, complementary good

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If a price increase of good A increases the quantity demanded of good B, then good B is a________________?


asubstitute good

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b complementary good

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cbargain

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dinferior good

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View Answer substitute good

A demand curve can shift because changing ?


aincomes

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b prices of related goods

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ctastes

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dall of the above

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View Answer all of the above

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