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MCQs

Total Questions : 235 | Page 2 of 24 pages
Question 11. A legally determined price above the equilibrium price is__________________?
  1.    Floor price
  2.    Ceiling price
  3.    Equilibrium price
  4.    None
 Discuss Question
Answer: Option A. -> Floor price
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 12. The branch of economics which analyze govt. revenues and expenditures is__________________?
  1.    Public revenue
  2.    Public finance
  3.    Public good
  4.    None
 Discuss Question
Answer: Option B. -> Public finance
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 13. A tax imposed by a nation on an imported good is called_________________?
  1.    Tariff
  2.    Foreign exchange
  3.    Net profit
  4.    GNP
 Discuss Question
Answer: Option A. -> Tariff
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 14. Nominal income adjusted for inflation__________________?
  1.    Real income
  2.    Net income
  3.    Total income
  4.    None
 Discuss Question
Answer: Option A. -> Real income
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 15. The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________?
  1.    Technology
  2.    Advanced knowledge
  3.    Both
  4.    None
 Discuss Question
Answer: Option A. -> Technology
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 16. The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________?
  1.    Trade surplus
  2.    Trade deficit
  3.    Trade bloc
  4.    None
 Discuss Question
Answer: Option B. -> Trade deficit
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 17. An economic system in which traditions and customs determine how the economy would use its scare resources ?
  1.    Traditional economy
  2.    Mixed economy
  3.    capitalistic economy
  4.    Command economy
 Discuss Question
Answer: Option A. -> Traditional economy
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 18. Failure to use all available economic resources to produce goods and services is called__________________?
  1.    Unemployment
  2.    Underemployment
  3.    Inflation
  4.    Deflation
 Discuss Question
Answer: Option A. -> Unemployment
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 19. The price paid for the use of services of labour per unit of time is called__________________?
  1.    Salary
  2.    Income
  3.    Wage
  4.    All
 Discuss Question
Answer: Option C. -> Wage
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!
Question 20. A market in which products households sell and firms buy resources or the services of resources is__________________?
  1.    Resource market
  2.    Product market
  3.    Consumer market
  4.    Producer market
 Discuss Question
Answer: Option A. -> Resource market
NO EXPLANATION IS AVAILABLE FOR THIS QUESTION!

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