Economics MCQs

Page No. 440

________ and ___________ do not directly affect the demand curve ?


athe price of related goods consumer income

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bconsumer incomes, tastes

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cthe costs of production bank opening hours

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d the price of related goods preferences

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The equilibrium price clears the market it is the price at which _________________?


aEverything is sold

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bQuantity demanded equal quality supplied

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c Excess demanded equals quantity

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dB and C

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View Answer B and C

When we know the quantity of a product that buyers wish to purchase at each possible price we know_____________?


aDemand

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bSupply

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cExcess demand

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dExcess supply

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View Answer Demand

On a graph, a positive linear relationship___________________?


amoves down to the right

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b moves up to the left

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cmoves up to the right

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dmoves down to the left

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View Answer moves up to the right

If you income during one year is Rs10,000 and the following year it is Rs12,000 then it has grown by ________________?


a 20%

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b2%

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c12%

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d16%

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View Answer 20%

The retail price index is used to__________________?


aconstruct price lists

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bcompare shop prices

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c measure changes in the cost of living

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d None of the above

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Data are important in economics because _________ and ____________?


athey suggest relationships for explanation, allow testing of hypotheses

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bthey can be used for tables, they can be graphed

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cthey can be used in computers governments use them

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dthey provide interesting information can be summarized

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If marginal benefit is greater than marginal cost, a rational choice involves ?


ano more of the activity.

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b less of the activit

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cmore of the activity

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d more or less, depending on the benefits of other activities

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View Answer more of the activity

Normative economics Forms ________ based on ________?


a positive statements, facts

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b opinions personal facts

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cpositive statements values

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dopinions facts

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In a free market?


a government intervenes

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bgovernment plan production

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cgovernment interferes

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dPrices adjust to reconcile scarcity and desires

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