Raising taxes and increasing welfare payments ?
A. reduces market power
B. Proves that there is such a thing as a free lunch
C. improves efficiency at the expense of equity.
D. improves equity at the expense of efficiency.
Economics Mccqs
Explore a comprehensive collection of Economy MCQs covering all essential topics including macroeconomics, microeconomics, international trade, fiscal policy, economic theories, and more. Perfect for students, professionals, and exam preparation
Economics is the study of ?
A. how society manages its unlimited resource
B. How to reduce our wants until we are satisfied.
C. how to fully satisfy our unlimited wants
D. how to avoid having to make trade-offs
Which of the following involves a trade – off ?
A. Taking a nap
B. All of these answers involve trade-offs
C. Watching a football game on Saturday afternoon
D. Going to university
In a planned or command economy, all the economics decisions are taken by the ?
A. Consumers
B. voters
C. government
D. Workers
The circular flow of goods and incomes shows the relationship between?
A. Wages and salaries.
B. income and money
C. goods and services.
D. firms and households
A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?
A. capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve.
The concept of opportunity cost ?
A. is relevant only for a capitalist economy like the United States.
B. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C. Suggests all our wants can be achieved.
D. Would be relevant if we eliminated poverty
A recession is ?
A. a period of declining prices.
B. a period of declining unemployment
C. a period during which aggregate output declines.
D. a period of very rapidly declining prices.
The total demand for goods and services in an economy is known as_____________?
A. gross national product.
B. national demand.
C. economy-wide demand
D. aggregate demand
The study of inflation is part of ?
A. descriptive economics
B. normative economics
C. macroeconomics.
D. microeconomics
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