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Economics MCQs with Explanations

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2111EconomicsMedium

Which of the following is not one of the Newly Industrialized Countries (NICs)?

ASouth Korea

BSingapore

CTaiwan

DJapan

Correct answer

D. Japan

Explanation

The correct answer is Japan.

2112EconomicsMedium

In Melanesia “mana”is________?

Athe power of evil over good

Bthe food miraculously given to the escaped slaves in the wilderness

Ca power that is neither good nor evil

Dthe power of good over evil

Correct answer

C. a power that is neither good nor evil

Explanation

The correct answer is a power that is neither good nor evil.

2113EconomicsMedium

Term of trade for a country are the ratio of to ?

Aexport prices; import prices

Bits opportunity costs; world opportunity costs

CValue of exports; value of imports

Dits currency; other currencies

Correct answer

A. export prices; import prices

Explanation

The correct answer is export prices; import prices.

2114EconomicsMedium

Which of the following is a variable cost in the short run?

Awages paid to factory labor

Bsalaries paid to upper management

Cinterest payments on borrowed financial capital

Drent on the factory

Epayments on the lease for factory equipment

Correct answer

A. wages paid to factory labor

Explanation

The correct answer is wages paid to factory labor.

2115EconomicsMedium

Deviance that has not been discovered is called?

Aprimary deviance

Bsecondary deviance

Cfinal deviance

Dsinful deviance

Correct answer

A. primary deviance

Explanation

The correct answer is primary deviance.

2116EconomicsMedium

Inflation results when________?

Asupply exceed demand

Bdemand exceeds supply

Cconsumers have no purchasing power

Dthere is control of purchasing power

Correct answer

B. demand exceeds supply

Explanation

The correct answer is demand exceeds supply.

2117EconomicsMedium

If my neighbour burns garden waste causing my house to fill with smoke this is an example of?

Atransaction costs

Ba production externality

Ca second-best solution

Da consumption externality

Correct answer

D. a consumption externality

Explanation

The correct answer is a consumption externality.

2118EconomicsMedium

Transfer payments means?

AThe payment without work

BPayments made to all factors of production

CBank loans

DTax payments

Correct answer

A. The payment without work

Explanation

The correct answer is The payment without work.

2119EconomicsMedium

Which one of the following was the most important condition for the growth of the early cities?

ATechnological innovations

BIncrease in population

CDiscoveries of new trades

DSurplus food production

Correct answer

C. Discoveries of new trades

Explanation

The correct answer is Discoveries of new trades.

2120EconomicsMedium

Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime?

Aconsumer surplus both should receive a glove

Bequity Jamil should receive the glove

Cefficiency Saleem should receive the glove

DEfficiency Jamil should receive the glove

Correct answer

D. Efficiency Jamil should receive the glove

Explanation

The correct answer is Efficiency Jamil should receive the glove.

Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime?

Aconsumer surplus both should receive a glove

Bequity Jamil should receive the glove

Cefficiency Saleem should receive the glove

DEfficiency Jamil should receive the glove

Correct answer

D. Efficiency Jamil should receive the glove

Explanation

The correct answer is Efficiency Jamil should receive the glove.

Economics MCQs with Explanations

Which of the following is not one of the Newly Industrialized Countries (NICs)?

In Melanesia “mana”is________?

Term of trade for a country are the ratio of ________ to ________?

Which of the following is a variable cost in the short run?

Deviance that has not been discovered is called?

Inflation results when________?

If my neighbour burns garden waste causing my house to fill with smoke this is an example of?

Transfer payments means?

Which one of the following was the most important condition for the growth of the early cities?

Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime?

Economics MCQs with Explanations

Which of the following is not one of the Newly Industrialized Countries (NICs)?

In Melanesia “mana”is________?

Term of trade for a country are the ratio of ________ to ________?

Which of the following is a variable cost in the short run?

Deviance that has not been discovered is called?

Inflation results when________?

If my neighbour burns garden waste causing my house to fill with smoke this is an example of?

Transfer payments means?

Which one of the following was the most important condition for the growth of the early cities?

Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime?

Term of trade for a country are the ratio of to ?

Term of trade for a country are the ratio of to ?