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MCQs 1: The percentage of labour force unemployment at any time__________________?

Unemployment rate Inflation rate Deflation rate None
Answer Explanation

MCQs 2: The value of a product sold by a firm less the value of the products purchased and used by the firm to produce the product____________________?

Value added Value of money Vertical range None
Answer Explanation

MCQs 3: An institution or mechanism which brings together buyers and sellers is called____________________?

Market Resource Market Product Market None
Answer Explanation

MCQs 4: A market in which products are sold by firms and bought by households is_________________?

Resource market Product market Consumer market None
Answer Explanation

MCQs 5: A minimum price which govt. allows seller to receive for a good or service____________________?

Ceiling Price Floor Price Supprot Price All
Answer Explanation

MCQs 6: A compensation device through which workers receive part of their pay in the form of share of their employer’s profit___________________?

Labour laws Labour saving scheme Profit sharing plan Profit maximizing plan
Answer Explanation

MCQs 7: An analytic approach in which we move from facts to theory, from a particular to general is called____________________?

Induction Deduction Generalization Randomization
Answer Explanation

MCQs 8: Meaningful statement about the economic behavior or the economy is called_______________________?

Economic principle Economic theories Both None
Answer Explanation

MCQs 9: A film on economics in which economists study and observe the details of an economic unit or a very small judgment of economy is__________________?

Macroeconomic Micro economic Positive economic Normative economic
Answer Explanation

MCQs 10: In ___________________ we avoid value judgments and focus on facts?

Positive economics Normative economics Theoretical economics factual economics
Answer Explanation

MCQs 11: Production possibility curve is always concave because ?

The curve gets steeper as we move downward The marginal benefit decreases as more of a good is consumed In reflects the law of increasing opportunity cost Resources are scarce
Answer Explanation

MCQs 12: Amount of other products which must be foregone or sacrificed to obtain 1 unit of a specific good is called its______________?

Opportunity cost Real cost Economic cost None
Answer Explanation

MCQs 13: In________________ economics we look at desirability of certain aspects of the economy ?

Theoretical Positive Normative None
Answer Explanation

MCQs 14: All points on the production possibility curve explain__________________?

Allocative efficiency Productive efficiency Less than full use of resources Unattainable levels of output
Answer Explanation

MCQs 15: The activity of buying or selling with the motive of later reselling or re buying for profit is called ?

Spillover Speculation Specializing All
Answer Explanation

MCQs 16: The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________?

Trade surplus Trade deficit Trade off None
Answer Explanation

MCQs 17: Opportunity cost is illustrated by the___________________?

Steep slope Downward slope Positive slope None
Answer Explanation

MCQs 18: Directing domestic resources to output which a nation is highly efficient at producing is called____________________?

International Trade Speculation International specialization None
Answer Explanation

MCQs 19: Any point inside the production possibility curve represents ?

Unemployment Failure to achieve productive efficiency Both A. and B. None of these
Answer Explanation

MCQs 20: A particular set of institutional arrangement and a coordinating mechanism is___________________?

Economic system Fascism Mixed system None
Answer Explanation

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