Introduction to Economics mcqs for test preparation of subjects related to studies of economics.
Introduction to Economics MCQs
The sacrifice involved when you choose a particular course of action is called the?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
Human wants are ______?
A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time
Which of the following is not one of the basic economics ?
A. What to produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth
The free market involves ?
A. The free provision of products
B. The Subsidizing of products
C. Market forces of supply and demand
D. All trade via barter
In a command (planned) economy ?
A. The price mechanism
B. Resources are allocated by market forces
C. Individual firms make decisions
D. The public sector is large
Macroeconomics deals with?
A. the behaviour of the electronics industry
B. the behaviour of firms
C. economics aggregates
D. the activities of individual units
The study of inflation is part of ?
A. descriptive economics
B. normative economics
C. macroeconomics.
D. microeconomics
The total demand for goods and services in an economy is known as ____?
A. gross national product.
B. national demand.
C. economy-wide demand
D. aggregate demand
A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?
A. capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve.
The circular flow of goods and incomes shows the relationship between?
A. Wages and salaries.
B. income and money
C. goods and services.
D.firms and households
