miscellaneous MCQs – Page 66

Practise focused miscellaneous questions with marked answers for exam preparation and subject revision.

miscellaneous Mcqs
1301. The first level of output at which the long run average cost are minimized is called ?
comments icon0

A. The Minimum External Scale

B. The Maximum External Scale

C. The Maximum Effective Scale

D. The Minimum Efficient Scale
1302. Economic growth can be measured by ?
comments icon0

A. MPC

B. GDP

C. The CPI

D. The CBI

1303. It is true of science that_______________?
comments icon0

A. its content is more important than its method

B. it is not concerned with the method of acquiring knowledge

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

D. id does not include the method of investigation

1304. A way of helping depressed regions by having wage subsidies lower business taxes and capital subsidies has been suggested as ?
comments icon0
A. interventionist policies

B. New classical economists

C. monetarists

D. left-wing theorists

1305. Cultural relativity ideally implies ?
comments icon0

A. that moral values different from one, s own are all wrong

B. everyones crazy except you and me (and Im not sure about you)

C. tolerance and respect for the cultural values of others

D. mindless acceptance of all cultural values of others

1306. The difference between goes investment and net investment is ?
comments icon0

A. Depreciation

B. Capital investment

C. Acceleration

D. Declaration
1307. As income increase ?
comments icon0

A. The average propensity to consume always approaches 0

B. The average propensity to consume gets nearer in value of the marginal propensity to consume

C. The average propensity to consume falls

D. The average propensity to consume diverges in value from the marginal propensity to consume

1308. In the long term a firm will produce provided the revenue covers ?
comments icon0

A. Fixed costs

B. Revenue

C. Variable costs

D. Total costs
1309. The resources in the economy do not include ?
comments icon0

A. Land

B. Labour

C. Capital

D. Demand
1310. Which of the following is true ?
comments icon0

A. If the marginal cost is positive total costs are miximised

B. If the marginal cost is negative total costs increase at a decreasing rate if output increases

C. If the marginal cost is greater than the average cost the average cost falls

D. If the marginal cost is greater than the average cost the average cost increase
1311. The principal difference between people and other animals is that ?
comments icon0
A. people communicate with symbols while animals communicate with signals

B. biology dictates human behavior while instincts direct animal behavior

C. people live in families while animals live in tribes

D. animals larger and stronger

1312. The resources in an economy are ?
comments icon0
A. Fixed at any moment

B. Able to be transferred easily between industries

C. Constantly increasing

D. Constantly decreasing

1313. Barriers to entry ?
comments icon0

A. Do not exist in monopoly

B. Do not exist in monopolistic competition

C. Do exist in perfect competition

D. Cannot exist in oligopoly

1314. Culture is the basis of______________?
comments icon0

A. all animal groups

B. not only human but also ant society

C. human social life

D. none of the above

1315. As the MPS increases the multiplier will ?
comments icon0
A. decrease

B. increase

C. remain constant

D. either increase or decrease depending on the size of the change in investment

1316. An outward shift in the demand for money other things being equals should lead to ?
comments icon0

A. A lower interest rate but the same quantity of money

B. A higher quantity of money but the same interest rate

C. A higher interest rate but the same quantity of money

D. A higher quantity of money but lower interest rates
1317. Scientists start an investigation with by________________?
comments icon0

A. verifying a hypothesis

B. replicating an experiment

C. selecting and defining a topic

D. analyzing data

1318. According to supply side economists as tax rates are reduced labour supply should increase. This implies that ?
comments icon0

A. There is no substitution effect when tax rates are changed

B. The substitution effect of a wage change is greater than the income effect of a wage change

C. There is no income effect when tax rates are changed

D. The income effect of a wage change is greater than the substitution effect of a wage change.

1319. Total revenue equals ?
comments icon0

A. Price plus quantity

B. Price divided by the quantity sold

C. Price minus quantity sold

D. Price multiplier by quantity sold

1320. There is a tendency for people to_______________?
comments icon0
A. accept group norms

B. rebel against group norms

C. respond only to negative sanctions

D. respond only to violence