MCQs

Economics MCQs with Explanations

Read every question, see the correct answer, and understand the explanation at your own pace. Study mode has no timer and no negative marking.

70%

3,180 of 4,520MCQs reviewed

Study Mode — explanations are always visiblePrefer a timed quiz? Start test

3181EconomicsMedium

Criticisms of structural functionalism include________?

Awho says that a football player is more important than a college professor?

Bis a stable society better than an unequal society?

Call of the above

Dsons of talented persons are privileged even if they themselves lack talent

Correct answer

C. all of the above

Explanation

The correct answer is all of the above.

3182EconomicsMedium

Which of the following statements about efficiency wage theory is true?

APaying the lowest possible wage is always the most efficient (Profitable)

BPaying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort

CPaying above the competitive equilibrium wage tends to cause workers to shirk their responsibilities

DFirms do not have a choice about whether they pay efficiency wages or not because these wages are determined by law

Correct answer

B. Paying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort

Explanation

The correct answer is Paying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort.

3183EconomicsMedium

Accusations of American labor unions against U.S multinational firms include all of the following except?

Aexport jobs by shifting technology overseas

Benjoy unfair advantage in taxation

Cexport jobs by shifting investment overseas

Doperating at output levels where scale economies occur

Correct answer

D. operating at output levels where scale economies occur

Explanation

The correct answer is operating at output levels where scale economies occur.

3184EconomicsMedium

Once a country is wealthy?

Anone of these answers

Bcapital becomes more productive due to the “catch-up- effect”

Cit may be harder for it to grow quickly because of the diminishing returns to capital

Dit no longer needs any human capital

Correct answer

C. it may be harder for it to grow quickly because of the diminishing returns to capital

Explanation

The correct answer is it may be harder for it to grow quickly because of the diminishing returns to capital.

3185EconomicsMedium

A company’s compensation plan should reflect its overall marketing strategy For example if the overall strategy is to grow rapidly and gain market share the compensation plan should reward?

Aspot selling and old product rejuvenation

Bhigh sales performance and encourage capturing new accounts

Chigh pressure situations and competitive reaction

Dloyalty and perseverance

Correct answer

B. high sales performance and encourage capturing new accounts

Explanation

The correct answer is high sales performance and encourage capturing new accounts.

3186EconomicsMedium

It is true of science that________?

Ait is body of knowledge organized in a logical manner

Bit is not concerned with the method of acquiring knowledge

Cits content is more important than its method

Did does not include the method of investigation

Correct answer

A. it is body of knowledge organized in a logical manner

Explanation

The correct answer is it is body of knowledge organized in a logical manner.

3187EconomicsMedium

In a example discussed in your text Johnson & Johnson’s recall of their Tylenol product following the discovery that several bottles of Tyloenol had been laced with cyanide is consistent with which business philosophy?

AThe product concept

BThe societal marketing concept

CThe selling concept

DThe marketing concept

Correct answer

B. The societal marketing concept

Explanation

The correct answer is The societal marketing concept.

3188EconomicsMedium

Political parties in the U.S function to________?

Aprovide personnel to run the government

Bdefine the interests of the people in the form of a platform

Call of the above

Dengage in political socialization

Correct answer

C. all of the above

Explanation

The correct answer is all of the above.

3189EconomicsMedium

Food crops cover about ___ of cropped areas?

A55%

B35

C75%

D15%

Correct answer

C. 75%

Explanation

The correct answer is 75%.

3190EconomicsMedium

Refer to Figure 1. The unemployment rate is?

A3.2 Percent

B5.7 Percent

CNot Enough

D5.8 Percent

Correct answer

D. 5.8 Percent

Explanation

The correct answer is 5.8 Percent.

Criticisms of structural functionalism include________?

Awho says that a football player is more important than a college professor?

Bis a stable society better than an unequal society?

Call of the above

Dsons of talented persons are privileged even if they themselves lack talent

Correct answer

C. all of the above

Explanation

The correct answer is all of the above.

Which of the following statements about efficiency wage theory is true?

APaying the lowest possible wage is always the most efficient (Profitable)

BPaying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort

CPaying above the competitive equilibrium wage tends to cause workers to shirk their responsibilities

DFirms do not have a choice about whether they pay efficiency wages or not because these wages are determined by law

Correct answer

B. Paying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort

Explanation

The correct answer is Paying above the competitive equilibrium wage may improve worker health lower worker turnover improve worker quality and increase worker effort.

Accusations of American labor unions against U.S multinational firms include all of the following except?

Aexport jobs by shifting technology overseas

Benjoy unfair advantage in taxation

Cexport jobs by shifting investment overseas

Doperating at output levels where scale economies occur

Correct answer

D. operating at output levels where scale economies occur

Explanation

The correct answer is operating at output levels where scale economies occur.

Once a country is wealthy?

Anone of these answers

Bcapital becomes more productive due to the “catch-up- effect”

Cit may be harder for it to grow quickly because of the diminishing returns to capital

Dit no longer needs any human capital

Correct answer

C. it may be harder for it to grow quickly because of the diminishing returns to capital

Explanation

The correct answer is it may be harder for it to grow quickly because of the diminishing returns to capital.

A company’s compensation plan should reflect its overall marketing strategy For example if the overall strategy is to grow rapidly and gain market share the compensation plan should reward?

Aspot selling and old product rejuvenation

Bhigh sales performance and encourage capturing new accounts

Chigh pressure situations and competitive reaction

Dloyalty and perseverance

Correct answer

B. high sales performance and encourage capturing new accounts

Explanation

The correct answer is high sales performance and encourage capturing new accounts.

It is true of science that________?

Ait is body of knowledge organized in a logical manner

Bit is not concerned with the method of acquiring knowledge

Cits content is more important than its method

Did does not include the method of investigation

Correct answer

A. it is body of knowledge organized in a logical manner

Explanation

The correct answer is it is body of knowledge organized in a logical manner.