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Economics MCQs with Explanations

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1141EconomicsMedium

Two countries that still rely on the Soviet communist model of development are?

AGhana and Nigeria

BCuba and North Korea

CPoland and Germany

DChina and Hong Kong

Correct answer

B. Cuba and North Korea

Explanation

The correct answer is Cuba and North Korea.

1142EconomicsMedium

When the Indus Water Treaty was signed?

A19th September 1960

B19th November 1964

C19th December 1965

D19th September 1962

Correct answer

A. 19th September 1960

Explanation

The correct answer is 19th September 1960.

1143EconomicsMedium

According to the paradox of thrift increased efforts to save will cause?

Aan increase in income and an increase in overall saving

Ba decrease in income but an increase in saving

Can increase in income but no overall change in saving

Da decrease in income and an overall decrease in saving

Correct answer

D. a decrease in income and an overall decrease in saving

Explanation

The correct answer is a decrease in income and an overall decrease in saving.

1144EconomicsMedium

A ____ is a regional trading bloc in Which member countries eliminate internal trade barriers but maintain existing barriers against countries that are not member?

Acustoms union

Bfree trade area

Ccommon market

Dmonetary union

Correct answer

B. free trade area

Explanation

The correct answer is free trade area.

1145EconomicsMedium

If two countries start with the same real GDP/person and one country grows at 2 percent while the other grows at 4 percent?

Athe standard of living in the two countries will converge

Bthe standard of living in the country growing at 4 percent will start to accelerate away from the slower growing country due to compound growth

CNext year the country growing at 4 percent will have twice the GDP/person as the country growing at 2 percent

Done country will always have 2 percent more real GDP/person than the other

Correct answer

B. the standard of living in the country growing at 4 percent will start to accelerate away from the slower growing country due to compound growth

Explanation

The correct answer is the standard of living in the country growing at 4 percent will start to accelerate away from the slower growing country due to compound growth.

1146EconomicsMedium

Stressing the desirability of retaining each group,s cultural distinctiveness is part of the ideology of________?

AAnglo-conformity

Bcultural pluralism

Cethnicity

Dmelting pot

Correct answer

B. cultural pluralism

Explanation

The correct answer is cultural pluralism.

1147EconomicsMedium

Social control through the enforcement of norms works because?

Aeveryone fears pain and embarrassment

Bindividuals are anxious to be accepted

Cindependent though and action are too hard

Dpeople need to be manipulated

Correct answer

B. individuals are anxious to be accepted

Explanation

The correct answer is individuals are anxious to be accepted.

1148EconomicsMedium

If a firm were to bid to do a turnkey operation where they would choose a building site designing a cement factory to build the plant hire construction crews assemble materials and equipment to run the new factory and turn over the finished factory ready to operate to the owners the firm would be using which of the following?

ADesign Products selling

BSystems selling

CCore Process products selling

DReciprocal spelling

Correct answer

B. Systems selling

Explanation

The correct answer is Systems selling.

1149EconomicsMedium

Gambling and prostitution are included in the category of________?

Acrimes against persons

Bsins against religious teaching

Corganized crime

Dsocial order crimes

Correct answer

D. social order crimes

Explanation

The correct answer is social order crimes.

1150EconomicsMedium

A person affected by nationalism________?

Aidentifies with a state’s culture

Ball of the above

Cdisplays feelings of ethnocentrism

Dshares a state,s interests and goals

Correct answer

B. all of the above

Explanation

The correct answer is all of the above.

According to the paradox of thrift increased efforts to save will cause?

Aan increase in income and an increase in overall saving

Ba decrease in income but an increase in saving

Can increase in income but no overall change in saving

Da decrease in income and an overall decrease in saving

Correct answer

D. a decrease in income and an overall decrease in saving

Explanation

The correct answer is a decrease in income and an overall decrease in saving.

If two countries start with the same real GDP/person and one country grows at 2 percent while the other grows at 4 percent?

Athe standard of living in the two countries will converge

Bthe standard of living in the country growing at 4 percent will start to accelerate away from the slower growing country due to compound growth

CNext year the country growing at 4 percent will have twice the GDP/person as the country growing at 2 percent

Done country will always have 2 percent more real GDP/person than the other

Correct answer

B. the standard of living in the country growing at 4 percent will start to accelerate away from the slower growing country due to compound growth

Explanation

The correct answer is the standard of living in the country growing at 4 percent will start to accelerate away from the slower growing country due to compound growth.