Economics MCQs

Page No. 64

Total “laissez-faire” is impossible because________________?


a the market does not provide for satisfying public needs


bthe market is not equitable favoring those with more resources


cthe market makes no provision for protecting smaller participants


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


bequilibrium price


cpressure price


da buyer’s market


View Answer equilibrium price

Participants in the market system________________?


aare totally free to pursue their goals


bare affected by prices and incomes


ctry to maximize their worth


dtry to maximize their labor



Firms sell their products in________________?


afactor markets


bresource markets


cproduct markets


dabstract markets


View Answer product markets

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


a super economics


bmicroeconomics


cmicroeconomics


d hyper economics


View Answer microeconomics

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


a pent-up demand


baggregate demand


celastic demand


dexcess demand


View Answer aggregate demand

Without stabilized prices_______________?


aproduct market demand is problematic


bresource market demand is problematic


c the distribution of income becomes more inequitable


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


bthe consumer price index


c165 social indicators


d the externalities index


View Answer 165 social indicators

Need and demand________________?


a are unrelated concepts


b amount to the same thing


care closely related to price


dare closely related to supply



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


adissaving’s


bwithdrawals


cincremental


dinjections


View Answer withdrawals

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