(A) Consumer cost
(B) Producer cost
(C) Opportunity cost
(D) Alternative
Tag: Economics Mcqs With Answers
Normative economics forms __ based on __.
(A) Opinion personal facts
(B) Positive statements, facts
(C) Positive statements values
(D) Opinions facts
In a free market?
(A) Government interferes
(B) Prices adjust to reconcile scarcity and desires
(C) Government intervenes
(D) None of the above
Productivity can be increased by?
(A) Raising minimum wages
(B) Raising union wages
(C) Improving the education of workers
(D) None of the above
Raising taxes and increasing welfare payments?
(A) Improves equity at the expense of efficiency
(B) Improves efficiency at the expense of equity
(C) Reduces market power
(D) None of the above
Economics is the study of?
(A) How to reduce our wants until we are satisfied
(B) How to fully satisfy our unlimited wants
(C) How society manages its unlimited resource
(D) None of the above
In a planned or command economy all the economics decisions are taken by the?
(A) Government
(B) Workers
(C) Voters
(D) Consumers
Circular flow of goods and incomes shows the relationship between?
(A) Income and money
(B) Wages and salary
(C) Goods and services
(D) None of the above