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Economics MCQs with Explanations

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3161EconomicsMedium

A tax of 15 percent per imported item would be an example of a (an)?

ASpecific tariff

BCompound tariff

CEffective tariff

DAd valorem tariff

Correct answer

D. Ad valorem tariff

Explanation

The correct answer is Ad valorem tariff.

3162EconomicsMedium

A firm in a monopolistically competitive industry?

Acan sell an infinite amount of output at the market-determined price

Bsells a fixed amount of output regardless of price.

Cmust raise price to sell more output

Dmust lower price to sell more output.

Correct answer

D. must lower price to sell more output.

Explanation

The correct answer is must lower price to sell more output..

3163EconomicsMedium

Which of the following is true with regard to a tax on labor income? Taxes on labor income tend to encourage?

Asecond earners to stay home.

Bthe unscrupulous to enter the underground economy

Cthe elderly to retire early.

Dworkers to work fewer hours

Eall the things described in these answers.

Correct answer

E. all the things described in these answers.

Explanation

The correct answer is all the things described in these answers..

3164EconomicsMedium

What is called the market in which forces of demand and supply are not in the control of government?

ANone of them

BFree Market

CMarket Economy

DBoth of them

Correct answer

D. Both of them

Explanation

The correct answer is Both of them.

3165EconomicsMedium

Markus is a travelling salesman for an apparel company. In this employment relationship, Markus is the?

Aprinciple

Bsignaler

Cagent

Dscreener

Correct answer

C. agent

Explanation

The correct answer is agent.

3166EconomicsMedium

What is inflation?

ALowering of purchasing power

BNone of these

CIncrease in the amount of circulating money

DDecrease in the amount of circulation money

Correct answer

C. Increase in the amount of circulating money

Explanation

The correct answer is Increase in the amount of circulating money.

3167EconomicsMedium

If firms satisfice this means that?

Along-run profits are maximized

Bmanagers need to be paid enough to stop them leaving the company

Cshort-run profits are maximized

Dobjectives such as profit are not maximized

Correct answer

D. objectives such as profit are not maximized

Explanation

The correct answer is objectives such as profit are not maximized.

3168EconomicsMedium

What is the share of population under 15 in the total population?

A49%

B46%

C50%

D52%

Correct answer

B. 46%

Explanation

The correct answer is 46%.

3169EconomicsMedium

In economics, the pleasure, happiness, or satisfaction received from a product is called ________?

Arational outcome

Bstatus fulfillment

Cmarginal cost

Dutility

Correct answer

D. utility

Explanation

The correct answer is utility.

3170EconomicsMedium

The neoclassical theory of growth identifier the steady state rate of growth as the just sufficient to keep ____ constant while labor grows?

Alabor growth, output

Bsaving, investment

Ccapital per person, productivity

Dinvestment capital per person

Correct answer

D. investment capital per person

Explanation

The correct answer is investment capital per person.

A firm in a monopolistically competitive industry?

Acan sell an infinite amount of output at the market-determined price

Bsells a fixed amount of output regardless of price.

Cmust raise price to sell more output

Dmust lower price to sell more output.

Correct answer

D. must lower price to sell more output.

Explanation

The correct answer is must lower price to sell more output..

Which of the following is true with regard to a tax on labor income? Taxes on labor income tend to encourage?

Asecond earners to stay home.

Bthe unscrupulous to enter the underground economy

Cthe elderly to retire early.

Dworkers to work fewer hours

Eall the things described in these answers.

Correct answer

E. all the things described in these answers.

Explanation

The correct answer is all the things described in these answers..

If firms satisfice this means that?

Along-run profits are maximized

Bmanagers need to be paid enough to stop them leaving the company

Cshort-run profits are maximized

Dobjectives such as profit are not maximized

Correct answer

D. objectives such as profit are not maximized

Explanation

The correct answer is objectives such as profit are not maximized.

Economics MCQs with Explanations

A tax of 15 percent per imported item would be an example of a (an)?

A firm in a monopolistically competitive industry?

Which of the following is true with regard to a tax on labor income? Taxes on labor income tend to encourage?

What is called the market in which forces of demand and supply are not in the control of government?

Markus is a travelling salesman for an apparel company. In this employment relationship, Markus is the?

What is inflation?

If firms satisfice this means that?

What is the share of population under 15 in the total population?

In economics, the pleasure, happiness, or satisfaction received from a product is called ________?

The neoclassical theory of growth identifier the steady state rate of growth as the ____ just sufficient to keep ________ constant while labor grows?

Economics MCQs with Explanations

A tax of 15 percent per imported item would be an example of a (an)?

A firm in a monopolistically competitive industry?

Which of the following is true with regard to a tax on labor income? Taxes on labor income tend to encourage?

What is called the market in which forces of demand and supply are not in the control of government?

Markus is a travelling salesman for an apparel company. In this employment relationship, Markus is the?

What is inflation?

If firms satisfice this means that?

What is the share of population under 15 in the total population?

In economics, the pleasure, happiness, or satisfaction received from a product is called ________?

The neoclassical theory of growth identifier the steady state rate of growth as the ____ just sufficient to keep ________ constant while labor grows?

The neoclassical theory of growth identifier the steady state rate of growth as the just sufficient to keep ____ constant while labor grows?

The neoclassical theory of growth identifier the steady state rate of growth as the just sufficient to keep ____ constant while labor grows?