Economics MCQs

Page No. 64

Total “laissez-faire” is impossible because________________?


a the market does not provide for satisfying public needs

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bthe market is not equitable favoring those with more resources

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cthe market makes no provision for protecting smaller participants

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d all of the above

✓


View Answer all of the above

When the supply and demand curves intersect the final lasting price is achieved This is called_____________?


aclearance price

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bequilibrium price

✓


cpressure price

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da buyer’s market

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View Answer equilibrium price

Participants in the market system________________?


aare totally free to pursue their goals

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bare affected by prices and incomes

✓


ctry to maximize their worth

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dtry to maximize their labor

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Firms sell their products in________________?


afactor markets

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bresource markets

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cproduct markets

✓


dabstract markets

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View Answer product markets

Maintaining full employment stabilizing the economy and pursuing economic growth are issues analyzed in the context of_______________?


a super economics

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bmicroeconomics

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cmicroeconomics

✓


d hyper economics

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View Answer microeconomics

Total planned OR desired spending in the economy as a whole within a given period is called_____________?


a pent-up demand

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baggregate demand

✓


celastic demand

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dexcess demand

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View Answer aggregate demand

Without stabilized prices_______________?


aproduct market demand is problematic

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bresource market demand is problematic

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c the distribution of income becomes more inequitable

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d all of the above

✓


View Answer all of the above

The Department of Health and Human Services has summarized the “correct” mix of goods and services through ?


a“market basket of goods

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bthe consumer price index

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c165 social indicators

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d the externalities index

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View Answer 165 social indicators

Need and demand________________?


a are unrelated concepts

✓


b amount to the same thing

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care closely related to price

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dare closely related to supply

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Income received by households that is not returned to firms is called_______________?


adissaving’s

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bwithdrawals

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cincremental

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dinjections

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View Answer withdrawals

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