Economics MCQs

Page No. 443

The free market involves ?


aThe free provision of products

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bThe Subsidizing of products by the government

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cMarket forces of supply and demand

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dAll trade via barter

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


aWhat to produce

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bWho to produce for

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cHow to produce

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d How to maximize economic growth

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Human wants are_______________?


aAlways fixed

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b Limited

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c Unlimited

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dLikely to decrease over time

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View Answer Unlimited

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


aAlternative

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bOpportunity cost

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cConsumer cost

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dProducer cost

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View Answer Opportunity cost

Resources in an economy ?


aAre always found

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bCan never decease

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cAlways increase over time

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dAre limited at any moment in time

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For Economics category a first Nobel prize was given in____________?


a1901

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b1969

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c1945

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d1968

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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

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b a lazy person

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cmarginal benefit-marginal cost analysis

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d programmed learning

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According to economists, economic self-interest:


ais a reality that underlies economic behavior

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bhas the same meaning as selfishness

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c is more characteristic of men than of women

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d is more characteristic of men than of women

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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:

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bproductive resources are limited

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chuman beings are inherently insecure

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d people are irrational

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


alook for and pursue opportunities to increase their utility

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bgenerally disregard the interests of others

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care mainly creatures of habit

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dare unpredictable

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