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Economics MCQs with Explanations

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191EconomicsMedium

Goodhart’s Law suggests that?

Athe money supply must only expand at the rate of growth of real national income

Bbad money drives out good

Cmonetary policy can only be effective if it is a long-term policy

Dcontrolling one part of the money supply will merely result in that item becoming less important

Correct answer

D. controlling one part of the money supply will merely result in that item becoming less important

Explanation

The correct answer is controlling one part of the money supply will merely result in that item becoming less important.

192EconomicsMedium

As of 2002, the ________ became the official currency union of the European Monetary System?

Amark

Bfranc

Cdollar

Deuro

Correct answer

D. euro

Explanation

The correct answer is euro.

193EconomicsMedium

Ethnic groups are based on________?

Acommon customs and /or identities

Bgenes

Ceye shape

Dskin color

Correct answer

A. common customs and /or identities

Explanation

The correct answer is common customs and /or identities.

194EconomicsMedium

Another way of saying that position in a group are value-rated by group members is________?

Aauthority is hierarchical

Bstatuses are ranked

Croles are scripted

Dstatuses are ascribed

Correct answer

B. statuses are ranked

Explanation

The correct answer is statuses are ranked.

195EconomicsMedium

As the number of sellers in an oligopoly grows larger, an oligopolistic market looks more like?

Aa competitive market

Bmonopoly

Ca collusion solution

Dmonopolistic competition

Correct answer

A. a competitive market

Explanation

The correct answer is a competitive market.

196EconomicsMedium

In the case of the male twin castrated during circumcision________?

Ahe was content living as a female

Bhis case proves that nurture is stronger than nature

Cin spite of attempted socialization as a female he was unhappy in his gender

Dhe behaved as a little girl once he was given female hormones

Correct answer

C. in spite of attempted socialization as a female he was unhappy in his gender

Explanation

The correct answer is in spite of attempted socialization as a female he was unhappy in his gender.

197EconomicsMedium

Which of the following groups has traditionally had the worst voting record in the United States?

AThe young and underprivileged

BUrban and suburban residents

CWhite collar workers

DCollege educated professionals

Correct answer

A. The young and underprivileged

Explanation

The correct answer is The young and underprivileged.

198EconomicsMedium

If Mark Mars pays Hershey Foods Corporation for the right to use their name on his line of T-shirts then Mr. Mars is using which type of branding?

APrivate brand

BLicensed brands

CManufacturer’s brand

DCo-brand

Correct answer

B. Licensed brands

Explanation

The correct answer is Licensed brands.

199EconomicsMedium

If an increase in a consumer’s income causes the consumers to decrease her quantity demanded of a good, then the good is?

Aan inferior good

Ba normal good

Ca substitute good

Da complementary good

Correct answer

A. an inferior good

Explanation

The correct answer is an inferior good.

200EconomicsMedium

Marx,s view of social class is that________?

Aprivate ownership of the means of production perpetuates class divisions

Bthe bourgeoisie will eventually triumph

Creligion helps fight social inequality

Dtalented people will always rise to the top

Correct answer

A. private ownership of the means of production perpetuates class divisions

Explanation

The correct answer is private ownership of the means of production perpetuates class divisions.

Goodhart’s Law suggests that?

Athe money supply must only expand at the rate of growth of real national income

Bbad money drives out good

Cmonetary policy can only be effective if it is a long-term policy

Dcontrolling one part of the money supply will merely result in that item becoming less important

Correct answer

D. controlling one part of the money supply will merely result in that item becoming less important

Explanation

The correct answer is controlling one part of the money supply will merely result in that item becoming less important.

In the case of the male twin castrated during circumcision________?

Ahe was content living as a female

Bhis case proves that nurture is stronger than nature

Cin spite of attempted socialization as a female he was unhappy in his gender

Dhe behaved as a little girl once he was given female hormones

Correct answer

C. in spite of attempted socialization as a female he was unhappy in his gender

Explanation

The correct answer is in spite of attempted socialization as a female he was unhappy in his gender.

Marx,s view of social class is that________?

Aprivate ownership of the means of production perpetuates class divisions

Bthe bourgeoisie will eventually triumph

Creligion helps fight social inequality

Dtalented people will always rise to the top

Correct answer

A. private ownership of the means of production perpetuates class divisions

Explanation

The correct answer is private ownership of the means of production perpetuates class divisions.