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MCQs

Total Questions : 874 | Page 86 of 88 pages
Question 851. The basic problem of economics that develops because humans have unlimited wants but limited resources
  1.    Absolute Advantage
  2.    Economics
  3.    Scarcity
  4.    Comparative Advantage
 Discuss Question
Answer: Option C. -> Scarcity
Question 852. Using income for purchases, expenses, and debt
  1.    spending
  2.    savings
  3.    goods
  4.    services
 Discuss Question
Answer: Option A. -> spending
Question 853. Money paid to the government through income, sales, and purchase of property
  1.    taxes
  2.    goods
  3.    scarcity
  4.    human resource
 Discuss Question
Answer: Option A. -> taxes
Question 854. In a ______________ economic system, the government owns resources and controls production, prices, and wages
  1.    traditional
  2.    market
  3.    command
  4.    mixed
 Discuss Question
Answer: Option C. -> command
Question 855. Type of economic system where there is no government control
  1.    Mixed
  2.    Market
  3.    Free Enterprise
  4.    Command
 Discuss Question
Answer: Option C. -> Free Enterprise
Question 856. If there is no competition in your market, how would that impact your business?
  1.    You could charge more for your product
  2.    You would make more
  3.    You would hire more employees
  4.    You would charge less for your product
 Discuss Question
Answer: Option A. -> You could charge more for your product
Question 857. In what economic system does the government determine what to produce, how to produce it, and how to market it?
  1.    Traditional Economy
  2.    Market Economy
  3.    Command Economy
  4.    Mixed Economy
 Discuss Question
Answer: Option C. -> Command Economy
Question 858. In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?
  1.    Traditional Economy
  2.    Market Economy
  3.    Command Economy
  4.    Mixed Economy
 Discuss Question
Answer: Option B. -> Market Economy
Question 859. Gross Domestic Product (GDP) refers to the dollar value of all final goods, services, and structures produced anywhere in a single year for a country
  1.    True
  2.    False
 Discuss Question
Answer: Option B. -> False
Question 860. Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics
  1.    scarcity
  2.    needs
  3.    wants
  4.    microeconomics
 Discuss Question
Answer: Option A. -> scarcity

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