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.Management Sciences
Category: Economics Mcqs
If we consider the impact on both consumers and producers, then protection of the steel industry is ?
A. In the interest of the U.S as a whole but not in the interest of the state of Pennsylvania where steel mills are located
B. In the interest of the U.S as a whole and in the interest of the state of Pennsylvania
C. Not in the interest of the U.S as a whole, but it might be in the interest of the state of Pennsylvania
D. Not in the interest of the U.S as a whole, nor in the interest of the state of Pennsylvania
Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?
A. General Agreement on Tariffs and Trade
B. World Trade Organization
C. Smoot Hawley Organization
D. McKinley Agreement on Trade policy
To be considered a a good candidate for an export cartel, a commodity should ?
A. be a manufactured goods
B. be a primary product
C. have high price elasticity of supply
D. have a low price elasticity of demand
The ideology of ageism__________________?
A. prevails only in the U.S
B. applies only to the old
C. asserts that the very young and the very old are inferior
D. has little impact on the society
The allocation of resources is not efficient if ?
A. the marginal cost of production does not equal society’s marginal benefit
B. the distribution is inequitable
C. economic growth is low
D. unemployment is high
Gross National income is always more than Net National income because it includes ?
A. Foreign income
B. Capital consumption allowance
C. Indirect taxes
D. Direct taxes
If a producer has market power (can influence the price of the product in the market) then free market solutions ?
A. are equitable.
B. are efficient
C. maximize consumer surplus
D. are inefficient
For a normal good ?
A. The price elasticity of demand is negative the income elasticity of demand is negative
B. The price elasticity of demand is positive the income elasticity of demand is negative
C. The price elasticity of demand is negative the income elasticity of demand is positive
D. The price elasticity of demand is positive; the income elasticity of demand is positive
If people with higher incomes pay a higher percentage of income in taxes, the income tax structure is ?
A. progressive
B. regressive
C. value added taxes (VAT)
D. excise taxes
Constitution are_________________?
A. signed documents
B. instruments for limiting governmental power
C. possible only in industrial societies
D. characteristic of democracies only
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