Economics MCQs

Page No. 97

The price system_______________?


ais equitable

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brations products among consumers

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callows wealthy consumers to obtain more products

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d only B and C

✓


View Answer only B and C

The more consumers are willing to pay for a product_____________________?


a the more of the product will be produced

✓


bthe less producers will manufacture to raise the price still more

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c the more they go into debt forcing them to stop buying

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dthe more expensive the product becomes

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NAFTA binds which three countries into a single commercial entity ?


aMexico Panama Costa Rica

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bUnited States Canada Puerto Rico

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cUnited States Canada Mexico

✓


dUnited States Cuba Mexico

✖



The condition of an increase in prices NOT triggered by an increase in demand is called_______________?


ahyperinflation

✖


bthe Pigou effects

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cinflation

✓


drestraint of trade

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View Answer inflation

The marginal productivity of labor_________________?


aconcerns wage rates and labor supply

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bis a political as well as economic issue

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cis complicated by overlapping labor markets

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dall of the above

✓


View Answer all of the above

Which of the following is NOT a predominant goal of American society ?


aa desirable mix of windfall profits

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ba leisure-based society

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cspectacular growth

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dnone of the above are dominant goals

✓



Income received by firms that is not returned to households or other firms is called________________?


asavings

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bwithdrawals

✓


cunbalanced exchange

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dexchange flow

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View Answer withdrawals

Income received by firms from sources other than households is called_________________?


aincremental

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bwindfalls

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cinjections

✓


dincidentals

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View Answer injections

The behavior of an individual firm is part of_______________?


amacroeconomics

✖


bmacroeconomics

✖


cmacroeconomics

✓


d institutional economics

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View Answer macroeconomics

The participants in a market economy cannot pursue their goals freely because they are affected by_________________?


athe ratio of gold to paper money

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b economic laws

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cprices and incomes

✓


dthe religious institution

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View Answer prices and incomes

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