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Economics MCQs with Explanations

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2131EconomicsMedium

Master status refers to________?

Athe most widely recognized among several positions

Bthe position from which all other positions are derived

Ca dominant position in a relationship

Dthe attainment of recognized excellence

Correct answer

A. the most widely recognized among several positions

Explanation

The correct answer is the most widely recognized among several positions.

2132EconomicsMedium

Which of the following countries is the world’s largest producer of coal?

AChina

BPakistan

CUSA

DRussia

Correct answer

A. China

Explanation

The correct answer is China.

2133EconomicsMedium

Which of the following is not a barrier to entry in a monopolized market?

AThe costs of production make a single producer more efficient than a large number of productions

BA key resource is owned by a single firm

CA single firm is very large

DThe government gives a single firm the exclusive right to produce some good

Correct answer

C. A single firm is very large

Explanation

The correct answer is A single firm is very large.

2134EconomicsMedium

Form society’s point of view, society would be better off if a monopolist?

Aproduced more and charged a lower price

Bproduced less and charged a lower price.

Cproduced more and charged a higher price

Dproduced less and charged a higher price

Correct answer

A. produced more and charged a lower price

Explanation

The correct answer is produced more and charged a lower price.

2135EconomicsMedium

By controlling the monetary base economists mean?

Anot allowing commercial banks to issue notes and coins

Bcontrolling the money multiplier

Cmaking banks keep a certain % of their assets as M0

Drestricting the amount of cash in circulation

Correct answer

C. making banks keep a certain % of their assets as M0

Explanation

The correct answer is making banks keep a certain % of their assets as M0.

2136EconomicsMedium

If injections are greater than withdrawals?

ANational income will decrease

BNational income will stay in equilibrium

CPrice will fall

DNational income will increase

Correct answer

D. National income will increase

Explanation

The correct answer is National income will increase.

2137EconomicsMedium

Historically countries at early stages of rapid economic development have tender to experience?

Atrade surpluses and an excess of domestic saving over investment

Btrade deficits and an excess of domestic savings over investment

Ctrade deficit and an excess of investment over domestic saving

Dtrade surplus and an excess of investment over domestic saving

Correct answer

C. trade deficit and an excess of investment over domestic saving

Explanation

The correct answer is trade deficit and an excess of investment over domestic saving.

2138EconomicsMedium

Adding up the quantities demanded of a good by different people facing the same price gives us the?

AMarket supply curve

BDemand curve

CSupply curve

DMarket demand curve

Correct answer

D. Market demand curve

Explanation

The correct answer is Market demand curve.

2139EconomicsMedium

In the model of aggregate demand and aggregate supply, the initial impact of an increase in consumer optimism is to?

Ashift the short-run aggregate supply curve to the right

Bshift the aggregate demand curve to the left

Cshift the aggregate demand curve to the right

Dshift the short-run aggregate supply curve to the left

Correct answer

C. shift the aggregate demand curve to the right

Explanation

The correct answer is shift the aggregate demand curve to the right.

2140EconomicsMedium

Another name for cultural transmission theory is________?

Alabeling theory

Binnovation

Canomie

Ddifferential association theory

Correct answer

D. differential association theory

Explanation

The correct answer is differential association theory.

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