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Economics multiple choice questions and answers pdf
Browse: All Business and Economics Economics Learn about: Online Resource Centers VLE/CMS Content Test Banks from our directory pages: Find a tutorial Find Your Local Economics Representative is researching the use of resources and how valuable we can make these resources under individual captivity. It
includes an intensive study of the production, distribution and consumption of goods and services. The economy is not just about money; it is also about making the right choice and therefore balancing it with money and improving a person's overall well-being. Below are important MC economics to analyze your
understanding of the topic. Answers are also given for your link. MC's Economy 1. What do you mean by the supply of goods? a) Stocks are available for sale b) Total stock in stock (c) Actual production of good d) The amount of good offered for sale at a certain price per unit time Answer- d 2. What do you mean in the
face of perfect competition in the grocery market? (a) MRP-VMP (b) MRP-VMP (c) VMP-MRP (d) None of the above answers - 3. The attitude that determines the law of demand. (a) Income and price of goods (b) Price and quantity of goods (c) Income and quantity required d) Number of claimed and supplied quantity
Answer- b 4. What do you mean by mixed economy? (a) Modern and traditional industries (b) Public and private sectors (c) Foreign and domestic investment (d) Commercial and subsistence economy Answer- b 5. What do you mean by demand for goods? (a) The desire for a product b) The need for the goods (c) The
quantity in demand of this product (d) The quantity of goods in demand at a certain price for a specific period of time Answer-d 6. Starting from the time of Independence India followed the planned economy because. India has followed a five-year plan and requires the prospect of an Indian constitution directive principles
indicated India's planned vision of the Five-Year Plan does not specify how much each benefit and services should be produced. Choose the right operators using the option below. a) Only 2 b) 2 and 3 c) 1 and 3 g) All of the above answer- b 7. What do you mean by gross national product? (a) The total value of goods
and services produced in the country (b) The total value of all transactions in the country (c) Amortization of the total value of goods and services produced in the country (d) The total value of goods and services produced in the country and net factor income from abroad. The reason for the decline in the sex ratio of
children in India. Low fertility rate. b) Female fetus c) Incentives for baby boy from government d) None of the above Answer b 9. What things are taken into account when the poverty line is periodically revised? (a) Spending every five years b) The National Selective selective c) Both a and b are taken into account (d)
None of the above responses - c 10. In India, which bank has the highest share in lending to agriculture and allied activities? (a) Co-operative Banks (b) Regional Rural Banks (c) Commercial Banks (d) Microfinance Organizations Answer- c 11. Which of the following institutions is linked to the financial sector of India
controlled by the Reserve Bank of India (RBI)? (a) Commercial Bank b) Cash Lenders (c) Stock Exchange Transactions (d) All of the above answers - c 12. What does price flooring mean? (a) Lack of surplus c) Balance (d) None of the above Answer- b 13. What is the gross national product? (a) The total value of goods
and services produced in the country (b) The total value of all transactions in the country (c) Decrease in the total value of goods and services produced in the country and net factor income from abroad. Answer- d 14. Why is the unemployment rate statistically low in India? Unemployment is calculated only in the age
group from 15 years to 59 years Unemployment survives only when a person can not find a job People are not interested in working outside the home area Choose the right option. a) Only 3 b) 2 and 3 c) Only 2 g) All of the above answer - c 15. The declining shape of the manufacturing opportunity curve illustrates. (a)
The Act on Raising Marginal Costs b) Manufacturing is inefficient in) Manufacturing is unattainable (d) Demand is a relatively elastic Response- 16. The main economic problem facing the whole society. a) Unemployment b) Inequality in) Poverty d) Deficit Answer- d 17. Capitalism refers to? (a) Market Use (b) Public
ownership of capital (c) Private ownership of capital goods (d) Private ownership of homes and cars Answer c 18. Is the goal of a clean market economy to satisfy desire? a) Consumers b) Companies c) Employees d) Government response- a 19. The law of demand means? a) As the amount of demand rises, the price
rises (b) As the price rises, the amount of demand rises c) As the price rises, the amount claimed falls d) As supply rises, demand rises Answer-c 20. An example of a agricultural price support program? a) Price ceiling b) Price floor c) Equilibrium prices d) None of the above Answer-b Stay with us at BYJU'S for more
MC's on economics, issue documents, sample documents, curriculum and trade notifications. All the following questions from the previous exams on economics are 103. They are duplicates of the questions found in the theme sub-charge. 1. Which of the following claims about the cost of opportunity is true? I. The cost of
features is equal to implicit costs plus clear costs. Cost of opportunity measures direct cash costs. The cost of opportunity explains the alternative use of resources such as time and money. a) Me, I, and III. b) I'm in) III only. d) Me and III only. 2. Which of the following claims about the cost of opportunity is true? The
alternative cost of an action is equal to the cost, a foregone conclusion for all possible alternative actions. Opportunity costs are measured only directly from out-of-pocket expenses. In order to accurately calculate the cost of a possible action, we must first identify the next best alternative to this action. (a) III only. b) I and
III only. c) II only. d) None of the allegations are true. 3. Suppose you decide between seeing the move and going to a concert on a certain Saturday night. You are willing to pay $20 to watch a movie and a movie ticket costs $5. You are willing to pay $80 for a concert and concert ticket costs $50. Opportunity cost to go
to the movies: a) $5. b) $30. C) $35. d) $65. 4. Suppose you are willing to pay $20 to watch the movie on a Saturday night. The ticket costs $10, and the next best alternative use of your time will be to go to dinner with a friend. The cost of dinner is $20 and you appreciate the lunch experience with your friend at $60. The
cost of watching the film is: a) $50. b) $30. C) $20. d) $10. 5. Suppose you are willing to pay $50 to watch the movie on a Saturday night. The ticket costs $15, and the next best alternative to use your time will be to go to a concert that costs $80 and you appreciate $100. The cost of watching the film is: a) $15. b) $20. C)
$35. d) $70. 6. Suppose you play golf costing $75. The game of golf takes four hours. If you didn't play golf you could work and earn $40 an hour. Opportunity cost of playing golf: a) $75. b) $235. c) $155. d) $160. 7. Suppose you bought and paid for a ticket to see Lady Gaga at a concert. You were willing to pay up to
$200 for this ticket, but it only cost you $110. On the day of the concert, a friend offers you a free ticket to the opera, not. Assuming it's impossible to resell a Lady Gaga ticket, what is the minimum value you'll have to put overnight at the opera in order to choose an opera over Lady Gaga? (a) $200. b) $110. C) $90. d)
$0. 8. Suppose you're willing to pay $350 to see Leonard Cohen play at Save-On-Foods Arena. Tickets cost $100, and the next best alternative use of your time will be working in paid employment earning $50 per night. The cost of being able to see Leonard Cohen is: a) $50. b) $100. C) $150. d) $200. 9. I am
considering a loan of my brother $10,000 for one year. He agreed to pay 10 percent of the interest on the loan. If I don't beat my brother $10,000, he will stay in my bank account for a year where he will earn 2% interest. What is the opportunity to cost me a loan to my brother? (a) $200. b) c) $1,000. d) $1200. 10. In
January, in an attempt to try to to get fit, I signed a one-year, mandatory contract at a local gym, agreeing to pay $40 a month in membership fees. I also spent $300 on very stylish gym clothes. This morning I was trying to decide if it was really worth going to the gym. Which of the following issues has to do with this
decision? a) $40 that I paid the gym this month. b) $300 I spent on gym clothes. c) The fact that I also had to write 103 intermediate exams today. d) All of the above is relevant. 11. Suppose you bought and paid for a ticket to see Kanye at a concert. You were willing to pay up to $350 for this ticket, but it only cost you
$100. On the day of the concert, a friend offers you a free ticket to Lady Gaga instead. You can resell Kanye's ticket for $80. What are your equal costs? a) $0. b) $20. C) $80. d) $100. 12. Which of the following false expense statements? I. Flooded costs are those that cannot be recovered, no matter what future action
is taken. II. Since the costs of sunken costs cannot be returned, they are irrelevant to future decision-making. The presence of sunken expenditures can affect future decision-making if they are large enough. a) only II and III. b) ONLY II. c) ONLY III, d) I and III only. 13. As a member of the UVic University Club, I pay $30
a month in membership fees. In a typical month I spend about $50 on a beer at the club. Each month I also have the opportunity to attend a meeting of the whisky club (open only to club members), priced for a meeting of $15, paid at the beginning of each meeting. Given this, what do my monthly SUNK COSTS equal?
(a) $15. b) $30. C) $45. d) $95. Exercises 1.3 1. According to marginal analyses, optimal decision-making involves: (a) taking action whenever the marginal benefit is positive. b) Taking action only if the marginal cost is zero. (c) Taking action when the marginal benefit exceeds the marginal cost. d) All of the above. 2.
Jane's slight benefit per day from eating coke is given in the table below. It shows that she appreciates the first coke she drinks at $1.20, the second at $1.15, and so on. If the price of coke is $1.00, the optimal amount of coke that Jane should drink: a) 1. b) 2. c) 3. d) 4. 4. economics multiple choice questions and
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