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Economics MCQs with Explanations

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41EconomicsMedium

Under a tariff- rate quota?

AThe within-quota tariff rate exceeds the over-quota tariff rate

BThe within-quota tariff rate equals the over-quota tariff rate

CThe within-quota tariff rate plus over-quota tariff rate equal 100 percent

Dthe over-quota tariff rate exceeds the with-quota tariff rate

Correct answer

D. the over-quota tariff rate exceeds the with-quota tariff rate

Explanation

The correct answer is the over-quota tariff rate exceeds the with-quota tariff rate.

42EconomicsMedium

Products of the economy used in production as opposed to gifts of nature are________?

Aentrepreneurship

Bland

Clabor

Dcapital

Correct answer

D. capital

Explanation

The correct answer is capital.

43EconomicsMedium

Taxes creates a wedge between the sales price and purchase price that prevents the price system equating and ____?

Amarginal cost, average cost

Bmarginal cost, marginal revenue

Cdemand, supply

Dmarginal costs, marginal benefits

Correct answer

D. marginal costs, marginal benefits

Explanation

The correct answer is marginal costs, marginal benefits.

44EconomicsMedium

Primary deviance________?

Aoccurs when deviants accept the label

Bis a more serious offense than secondary deviance

Cis the first deviant act ever discovered

Dis deviance of which we are all guilty at one time or another

Correct answer

D. is deviance of which we are all guilty at one time or another

Explanation

The correct answer is is deviance of which we are all guilty at one time or another.

45EconomicsMedium

Automatic stabilizers act to government expenditures and government revenue during an expansionary period?

Aincrease; decrease

Bincrease; increase

Cdecrease; increase

Ddecrease; decrease

Correct answer

C. decrease; increase

Explanation

The correct answer is decrease; increase.

46EconomicsMedium

if demand is price inelastic?

AAn increase in price increase revenue

BA decrease in price reduces sales

CAn increase in price decrease revenue

DAn increase in price must raise profits

Correct answer

A. An increase in price increase revenue

Explanation

The correct answer is An increase in price increase revenue.

47EconomicsMedium

The price elasticity of demand is defined as?

Athe percentage change in the quantity demanded divided by the percentage change in income.

Bthe percentage change in income divided by the percentage change in the quantity demanded

Cnone of these answers

Dthe percentage change in the quantity demanded of a good divided by the percentage change in the price of that good

Correct answer

D. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good

Explanation

The correct answer is the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.

48EconomicsMedium

Because in-kind transfers are not accounted for in standard measures of income distribution the standard measures of income distribution?

Aunderstate the inequality of living standards

Bcould exaggerate of understate the inequality of living standards depending on whether the transfers are goods or services.

Caccurately represent the true inequality of living standards

Dexaggerate the inequality of living standards

Correct answer

D. exaggerate the inequality of living standards

Explanation

The correct answer is exaggerate the inequality of living standards.

49EconomicsMedium

National Saving (or just saving) is equal to?

Anone of these answers

BGDP government purchases

Cprivate saving + public saving

Dinvestment + consumption expenditures

Correct answer

C. private saving + public saving

Explanation

The correct answer is private saving + public saving.

50EconomicsMedium

Which of the following countries is the largest producer of coal in the world?

AChina

BPakistan

CUSA

DRussia

Correct answer

A. China

Explanation

The correct answer is China.

Under a tariff- rate quota?

AThe within-quota tariff rate exceeds the over-quota tariff rate

BThe within-quota tariff rate equals the over-quota tariff rate

CThe within-quota tariff rate plus over-quota tariff rate equal 100 percent

Dthe over-quota tariff rate exceeds the with-quota tariff rate

Correct answer

D. the over-quota tariff rate exceeds the with-quota tariff rate

Explanation

The correct answer is the over-quota tariff rate exceeds the with-quota tariff rate.

Primary deviance________?

Aoccurs when deviants accept the label

Bis a more serious offense than secondary deviance

Cis the first deviant act ever discovered

Dis deviance of which we are all guilty at one time or another

Correct answer

D. is deviance of which we are all guilty at one time or another

Explanation

The correct answer is is deviance of which we are all guilty at one time or another.

The price elasticity of demand is defined as?

Athe percentage change in the quantity demanded divided by the percentage change in income.

Bthe percentage change in income divided by the percentage change in the quantity demanded

Cnone of these answers

Dthe percentage change in the quantity demanded of a good divided by the percentage change in the price of that good

Correct answer

D. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good

Explanation

The correct answer is the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.

Because in-kind transfers are not accounted for in standard measures of income distribution the standard measures of income distribution?

Aunderstate the inequality of living standards

Bcould exaggerate of understate the inequality of living standards depending on whether the transfers are goods or services.

Caccurately represent the true inequality of living standards

Dexaggerate the inequality of living standards

Correct answer

D. exaggerate the inequality of living standards

Explanation

The correct answer is exaggerate the inequality of living standards.

Economics MCQs with Explanations

Under a tariff- rate quota?

Products of the economy used in production as opposed to gifts of nature are________?

Taxes creates a wedge between the sales price and purchase price that prevents the price system equating ____ and ________?

Primary deviance________?

Automatic stabilizers act to ________ government expenditures and ________ government revenue during an expansionary period?

if demand is price inelastic?

The price elasticity of demand is defined as?

Because in-kind transfers are not accounted for in standard measures of income distribution the standard measures of income distribution?

National Saving (or just saving) is equal to?

Which of the following countries is the largest producer of coal in the world?

Economics MCQs with Explanations

Under a tariff- rate quota?

Products of the economy used in production as opposed to gifts of nature are________?

Taxes creates a wedge between the sales price and purchase price that prevents the price system equating ____ and ________?

Primary deviance________?

Automatic stabilizers act to ________ government expenditures and ________ government revenue during an expansionary period?

if demand is price inelastic?

The price elasticity of demand is defined as?

Because in-kind transfers are not accounted for in standard measures of income distribution the standard measures of income distribution?

National Saving (or just saving) is equal to?

Which of the following countries is the largest producer of coal in the world?

Taxes creates a wedge between the sales price and purchase price that prevents the price system equating and ____?

Automatic stabilizers act to government expenditures and government revenue during an expansionary period?

Taxes creates a wedge between the sales price and purchase price that prevents the price system equating and ____?

Automatic stabilizers act to government expenditures and government revenue during an expansionary period?