Economics MCQs

Page No. 440

________ and ___________ do not directly affect the demand curve ?


athe price of related goods consumer income


bconsumer incomes, tastes


cthe costs of production bank opening hours


d the price of related goods preferences



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


aEverything is sold


bQuantity demanded equal quality supplied


c Excess demanded equals quantity


dB and C


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


bSupply


cExcess demand


dExcess supply


View Answer Demand

On a graph, a positive linear relationship___________________?


amoves down to the right


b moves up to the left


cmoves up to the right


dmoves down to the left


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%


b2%


c12%


d16%


View Answer 20%

The retail price index is used to__________________?


aconstruct price lists


bcompare shop prices


c measure changes in the cost of living


d None of the above



Data are important in economics because _________ and ____________?


athey suggest relationships for explanation, allow testing of hypotheses


bthey can be used for tables, they can be graphed


cthey can be used in computers governments use them


dthey provide interesting information can be summarized



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


ano more of the activity.


b less of the activit


cmore of the activity


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


View Answer more of the activity

Normative economics Forms ________ based on ________?


a positive statements, facts


b opinions personal facts


cpositive statements values


dopinions facts



In a free market?


a government intervenes


bgovernment plan production


cgovernment interferes


dPrices adjust to reconcile scarcity and desires



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