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Economics MCQs with Explanations

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2151EconomicsMedium

Some American Indians cannot express the idea of time in their tribal languages This fact shows that________??

Atime is not an important value in their culture

Bthey have not yet reached the industrial stage of evolution when time is money

Clike all lower-class persons they focus on the present

Dtheir culture is still at a primitive stage

Correct answer

A. time is not an important value in their culture

Explanation

The correct answer is time is not an important value in their culture.

2152EconomicsMedium

A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is?

A£60

B£35

C£30

D£15

Correct answer

B. £35

Explanation

The correct answer is £35.

2153EconomicsMedium

when a market is in equilibrium?

AExcess demand and excess supply are zero

BThe market is cleared by the equilibrium price

Cquantity demanded equals quantity supplied

DAll of the above

Correct answer

D. All of the above

Explanation

The correct answer is All of the above.

2154EconomicsMedium

A decrease the Price of foreign oil?

AShifts the short run Phillips curve upward and makes the unemployment inflation trade-off more favorable

BShifts the short-run Phillips curve downward and make the unemployment inflation trade-off less favorable

CShifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Correct answer

C. Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Explanation

The correct answer is Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable.

2155EconomicsMedium

The single European Act committed governments to a in 1992?

AEuropean Union, single currency area

BEuropean union, single market

CWestern European, single currency area

DWestern European, single market

Correct answer

B. European union, single market

Explanation

The correct answer is European union, single market.

2156EconomicsMedium

Industrial Revolution________?

Anone of the above

Bmade all social classes equal

Celiminated social classes

Dcreated a class of industrial workers

Correct answer

D. created a class of industrial workers

Explanation

The correct answer is created a class of industrial workers.

2157EconomicsMedium

Normative economics Forms based on ?

Aopinions personal facts

Bpositive statements values

Copinions facts

Dpositive statements, facts

Correct answer

D. positive statements, facts

Explanation

The correct answer is positive statements, facts.

2158EconomicsMedium

Banks create money by?

Aissuing debit cards

Baccepting cheques

Clending out part of their deposits

Dprinting it

Correct answer

C. lending out part of their deposits

Explanation

The correct answer is lending out part of their deposits.

2159EconomicsMedium

Which of the following is a problem for fiscal policy in a currency union?

Agovernment of the member countries of the currency union may run large budget deficits and so impose costs on other countries by pushing up interest rates on the bonds these countries governments issue

BGovernment of the member countries of the currency union may run large budget deficit and so crowd out private investment

CThe central bank controls interest rates on long-term bonds issued by the governments of the member countries of the currency union

DIt is difficult to raise enough tax revenue to pay for the operation of the currency union

Correct answer

A. government of the member countries of the currency union may run large budget deficits and so impose costs on other countries by pushing up interest rates on the bonds these countries governments issue

Explanation

The correct answer is government of the member countries of the currency union may run large budget deficits and so impose costs on other countries by pushing up interest rates on the bonds these countries governments issue.

2160EconomicsMedium

Minorities have reacted to domination by developing goals that may be called________?

Aassimilationist

Ball of the above

Csecessionist

Dpluralistic

Correct answer

B. all of the above

Explanation

The correct answer is all of the above.

Some American Indians cannot express the idea of time in their tribal languages This fact shows that________??

Atime is not an important value in their culture

Bthey have not yet reached the industrial stage of evolution when time is money

Clike all lower-class persons they focus on the present

Dtheir culture is still at a primitive stage

Correct answer

A. time is not an important value in their culture

Explanation

The correct answer is time is not an important value in their culture.

A decrease the Price of foreign oil?

AShifts the short run Phillips curve upward and makes the unemployment inflation trade-off more favorable

BShifts the short-run Phillips curve downward and make the unemployment inflation trade-off less favorable

CShifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Correct answer

C. Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Explanation

The correct answer is Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable.

Which of the following is a problem for fiscal policy in a currency union?

BGovernment of the member countries of the currency union may run large budget deficit and so crowd out private investment

CThe central bank controls interest rates on long-term bonds issued by the governments of the member countries of the currency union

DIt is difficult to raise enough tax revenue to pay for the operation of the currency union

Correct answer

Explanation

Economics MCQs with Explanations

Some American Indians cannot express the idea of time in their tribal languages This fact shows that________??

A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is?

when a market is in equilibrium?

A decrease the Price of foreign oil?

The single European Act committed ________ governments to a ________ in 1992?

Industrial Revolution________?

Normative economics Forms ________ based on ________?

Banks create money by?

Which of the following is a problem for fiscal policy in a currency union?

Minorities have reacted to domination by developing goals that may be called________?

Economics MCQs with Explanations

Some American Indians cannot express the idea of time in their tribal languages This fact shows that________??

A firm in perfectly competitive industry is producing 50 units, its profit-maximising quantity. Industry price is £2 and total fixed costs and total variable cost are £25 and £40 respectively. The firm’s economic profit is?

when a market is in equilibrium?

A decrease the Price of foreign oil?

The single European Act committed ________ governments to a ________ in 1992?

Industrial Revolution________?

Normative economics Forms ________ based on ________?

Banks create money by?

Which of the following is a problem for fiscal policy in a currency union?

Minorities have reacted to domination by developing goals that may be called________?

The single European Act committed governments to a in 1992?

Normative economics Forms based on ?

The single European Act committed governments to a in 1992?

Normative economics Forms based on ?