Economics MCQs

Page No. 58

The circular nature of the economic process occurs from_________________?


afirm to firm


bhousehold to firm to consumer and back again


cgovernment to consumer


d firm to consumer



The price system is based on_______________?


a a government plan


btradition


cconsumer demand


dthe command of a ruler


View Answer consumer demand

What is meant by the public sector ?


aThe goals of the society


bEconomic activities in which the government engages for the public good


cEconomic activities in which self-interest makes for personal affluence


dEconomic activities open to the public



What forces prices down ?


a Large consumer purchasing power


bElastic demand


c Inelastic demand


dInferior products


View Answer Elastic demand

Rates of poverty tend to be highest among_______________?


aFemale headed households


bchildren


cminorities


dall of the above


View Answer all of the above

The most likely factor to overcome the low status of a father’s occupation is______________?


aeducation


breligion


chard work


d belonging to organized crime


View Answer education

The modern approach to studying social classes based on several dimensions of the stratification system is the______________?


aSES


bBES


cCES


dTES


View Answer SES

Which society lacks social classes totally ?


a The Soviet Union


bChina


cThe United States


d none of the above


View Answer none of the above

Which is characteristic of a strictly closed society ?


aEstate


bClass


cCaste


dStrata


View Answer Caste

The following people enjoy both status and wealth in our society______________?


aprofessors


bphysicians


cministers


dresearch scientists


View Answer physicians

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