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MCQs 1: The demand schedule or the demand curve of all buyers of a good or service is called____________________?

Market demand Total demand Both None
Answer Explanation

MCQs 2: The total amount buyers of goods and services sped or plan to spend____________________?

Total spending Aggregate spending Both a and b None
Answer Explanation

MCQs 3: The sacrifice of some or all one economic goal, good, or services to achieve some other goal, good or service is called__________________?

Trade block Trade union Trade offs All
Answer Explanation

MCQs 4: Failure to achieve full production is called ?

Unemployment Under employment Unplanned None
Answer Explanation

MCQs 5: Increases in the price level resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand ?

Demand pull inflation Stagflation Both None
Answer Explanation

MCQs 6: A decrease in the governmentally defined value of currency ____________________?

Inflation Devaluation Cheapness All
Answer Explanation

MCQs 7: An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and there fore decreases their production costs ?

Declining industry Decreasing cost industry Both None
Answer Explanation

MCQs 8: Cooperation among unification of the economies of different nations is termed as_____________________?

Economic Bloc Economic integration Economic union none
Answer Explanation

MCQs 9: A simplified picture of economic reality, an abstract generalization ?

Economic theory Economic principle Economic model None
Answer Explanation

MCQs 10: An accounting item which increase the value of an asset___________________?

Debit Credit Loan None
Answer Explanation

MCQs 11: A type of unemployment caused by insufficient total spending___________________?

Under employment Underdevelopment Cyclical unemployment None
Answer Explanation

MCQs 12: A section in a nation’s international balance of payments which records its export and import of goods and services, its net investment income, and its net transfers ?

Current account Fixed account Saving account Capital account
Answer Explanation

MCQs 13: A legal entry chartered by a state or the federal govt. which is district and separate from the individuals who own it ?

Co-operative Partnership Corporation None
Answer Explanation

MCQs 14: A bank which lends to developing nations to help them increase their capital stock and this achieve economic growth ?

IMF Islamic Bank Commercial bank None
Answer Explanation

MCQs 15: A curve showing the distribution of income in an economy___________________?

Lorenz curve Indifference curve Income budget line Investment damage curve
Answer Explanation

MCQs 16: A rise in the general level of prices in an economy___________________?

Inflation Dearnen Both None
Answer Explanation

MCQs 17: The absence of artificial barriers to trade among individuals and firms in different nations ?

Free trade Free economy Trade union None
Answer Explanation

MCQs 18: Employment available resources so that the maximum amount of goods and services is produced?

Large scale production Full production Fringe benefits None
Answer Explanation

MCQs 19: Private or public debt owed to foreign citizens firms and institutions ?

External debt Internal debt Loan None
Answer Explanation

MCQs 20: Tax levied on production of specific product on quantity of product purchased ?

Sales tax Excise tax Income tax All
Answer Explanation

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