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Economics MCQs with Explanations

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3411EconomicsMedium

Which of the following countries lead in the production of Mica in the world?

AChina

BJapan

CUSA

DIndia

Correct answer

D. India

Explanation

The correct answer is India.

3412EconomicsMedium

Net taxes are?

ATaxes paid by firms and households to the government plus transfer payments made to firm and households

Bgovernment expenditures minus government revenues

Ctaxes paid by firms and households to the government minus the cost of collecting the taxes

DTaxes paid firms and households to the government minus the transfer payments made to firms and household

Correct answer

D. Taxes paid firms and households to the government minus the transfer payments made to firms and household

Explanation

The correct answer is Taxes paid firms and households to the government minus the transfer payments made to firms and household.

3413EconomicsMedium

The extent to which the results of a study can be generalized to the larger population refers to?

Areliability

Bface validty

Cinternal validity

Dexternal validity

Correct answer

D. external validity

Explanation

The correct answer is external validity.

3414EconomicsMedium

The World biggest oil refinery is situated in?

AIraq

BKuwait

CSaudi Arabia

DIran

Correct answer

D. Iran

Explanation

The correct answer is Iran.

3415EconomicsMedium

People who suffer from status inconsistency________?

Awillingly accept a lower status in return for social recognition

Busually do not worry about it

Cwork hard to accumulate wealth to make up for it

Dtend to suffer more frustration and dissatisfaction than those whose status is consistent

Correct answer

D. tend to suffer more frustration and dissatisfaction than those whose status is consistent

Explanation

The correct answer is tend to suffer more frustration and dissatisfaction than those whose status is consistent.

3416EconomicsMedium

When the world Bank or IMF requires improved external balance in the short run the agency may condition its loan on expenditure switching that is?

Adevaluing local currencies

Bincrease government spending

Cincrease trade restrictions by imposing quota

Dswitching spending from domestic to foreign sources

Correct answer

A. devaluing local currencies

Explanation

The correct answer is devaluing local currencies.

3417EconomicsMedium

Power may be asserted by________?

Apromising a reward in return for compliance

Breciprocating

Ccoercion reciprocation or reward

Dcoercion

Correct answer

C. coercion reciprocation or reward

Explanation

The correct answer is coercion reciprocation or reward.

3418EconomicsMedium

Which is NOT a characteristic of crowd behavior?

ADevelopment of a common mood

BBehavior according ti previously established norms

CTemporary

DIndividuals totally shed their identity

Correct answer

D. Individuals totally shed their identity

Explanation

The correct answer is Individuals totally shed their identity.

3419EconomicsMedium

The stock of knowledge, skills and talents that people possess is called?

Ahuman capital

Btraining investment

Cskill capital

Dskill-building investment

Correct answer

A. human capital

Explanation

The correct answer is human capital.

3420EconomicsMedium

Consumption spending does not include?

AHousehold’s purchase of stock in any XYZ corporation

BHousehold’s purchases of food

CHousehold’s payment of rent for an apartment

DHouseholds’ purchase of a car

Correct answer

A. Household’s purchase of stock in any XYZ corporation

Explanation

The correct answer is Household’s purchase of stock in any XYZ corporation.

Net taxes are?

ATaxes paid by firms and households to the government plus transfer payments made to firm and households

Bgovernment expenditures minus government revenues

Ctaxes paid by firms and households to the government minus the cost of collecting the taxes

DTaxes paid firms and households to the government minus the transfer payments made to firms and household

Correct answer

D. Taxes paid firms and households to the government minus the transfer payments made to firms and household

Explanation

The correct answer is Taxes paid firms and households to the government minus the transfer payments made to firms and household.

People who suffer from status inconsistency________?

Awillingly accept a lower status in return for social recognition

Busually do not worry about it

Cwork hard to accumulate wealth to make up for it

Dtend to suffer more frustration and dissatisfaction than those whose status is consistent

Correct answer

D. tend to suffer more frustration and dissatisfaction than those whose status is consistent

Explanation

The correct answer is tend to suffer more frustration and dissatisfaction than those whose status is consistent.

Consumption spending does not include?

AHousehold’s purchase of stock in any XYZ corporation

BHousehold’s purchases of food

CHousehold’s payment of rent for an apartment

DHouseholds’ purchase of a car

Correct answer

A. Household’s purchase of stock in any XYZ corporation

Explanation

The correct answer is Household’s purchase of stock in any XYZ corporation.