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.Management Sciences
Category: Introduction To Economics
A real value can be derived from a nominal value by ?
A. adjusting for changes over time
B. adjusting for data collection errors
C. adjusting for population changes
D. adjusting or changes in prices
Macroeconomics is the study of ?
A. individual building blocks in the economy
B. the relationship between different sectors on the economy
C. household purchase decisions
D. the economy as a whole
The basic economic problems will not be solved by ?
A. Market forces
B. Government intervention
C. A mixture of government intervention and the free market
D. The creation of unlimited resources
Which of the following is not part of the opportunity cost of going on holiday ?
A. The money you spent on a theater show
B. The money you could have made if you had stayed at home and worked
C. The money you spend on airline tickets
D. the money you spent on food
The opportunity cost of a good is______________?
A. the time lost in finding it
B. the quantity of other goods sacrificed to get another unit of that good
C. the expenditure on the good
D. the loss of interest in using savings
A supply curve is directly affected by ?
A. technology
B. input costs
C. government regulation
D. all of the above
In a planned or command economy, all the economics decisions are taken by the ?
A. Consumers
B. voters
C. government
D. Workers
Which one of the following is a normative statement ?
A. The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent
B. Inflation is rising
C. The proportion of people’s income paid in taxes is higher under this government than under the previous one.
D. Inequality in the distribution of income is a more serious problem than unemployment
The sacrifice involved when you choose a particular course of action is called the ?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
Unemployment means that ?
A. there is excess demand in the labour market
B. there are some people who will not work at the going wage rate.
C. people are not willing to work at the going wage rate.
D. at the going wage rate, there are people who want to work but cannot find work.
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