Economics MCQs

Page No. 439

Unemployment means that ?


athere is excess demand in the labour market


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


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


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.


ban increase in the overall price level.


can increase in the overall level of economic activity


da decrease in the overall level of economics activity



Microeconomics is not concerned with the behavior of ?


aaggregate demand


bfirms


cConsumers


dindustries.


View Answer aggregate demand

The economics the central problem is ?


a Scarcity


b Money


cConsumption


dAllocation


View Answer Scarcity

The public sector includes ?


a Investors owning companies


bGovernment ownership of assets


c Market forces of supply and demand


dAll trade via barter


View Answer All trade via barter

A mixed economy ?


aHas supply but not demand


bHas demand but not supply


cHas supply and demand


dHas market forces and government intervention



The basic economic problems will not be solved by ?


aMarket forces


bGovernment intervention


cA mixture of government intervention and the free market


d The creation of unlimited resources



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


asubstitute good, inferior good


bnormal good inferior good


cinferior good normal good


dnormal good, complementary good



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


asubstitute good


b complementary good


cbargain


dinferior good


View Answer substitute good

A demand curve can shift because changing ?


aincomes


b prices of related goods


ctastes


dall of the above


View Answer all of the above

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