Economics MCQs

Page No. 443

The free market involves ?


aThe free provision of products


bThe Subsidizing of products by the government


cMarket forces of supply and demand


dAll trade via barter



Which of the following is not one of the basic economic s ?


aWhat to produce


bWho to produce for


cHow to produce


d How to maximize economic growth



Human wants are_______________?


aAlways fixed


b Limited


c Unlimited


dLikely to decrease over time


View Answer Unlimited

The sacrifice involved when you choose a particular course of action is called the ?


aAlternative


bOpportunity cost


cConsumer cost


dProducer cost


View Answer Opportunity cost

Resources in an economy ?


aAre always found


bCan never decease


cAlways increase over time


dAre limited at any moment in time



For Economics category a first Nobel prize was given in____________?


a1901


b1969


c1945


d1968


View Answer 1969

When entering a building, Asim diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:


airrational behavior


b a lazy person


cmarginal benefit-marginal cost analysis


d programmed learning



According to economists, economic self-interest:


ais a reality that underlies economic behavior


bhas the same meaning as selfishness


c is more characteristic of men than of women


d is more characteristic of men than of women



According to Emerson: “Want is a growing giant whom the coat of Have was never large enough to cover.” According to economists, “Want” exceeds “Have” because:


aAccording to Emerson: “Want is a growing giant whom the coat of Have was never large enough to cover.” According to economists, “Want” exceeds “Have” because:


bproductive resources are limited


chuman beings are inherently insecure


d people are irrational



When economists say that people act rationally in their self interest, they mean that individuals _______?


alook for and pursue opportunities to increase their utility


bgenerally disregard the interests of others


care mainly creatures of habit


dare unpredictable



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