Practice MCQ Questions and answers on Introduction To Economics Mcqs

A. technology

B. input costs

C. government regulation

D. all of the above

A. quantity demanded equals quantity supplied

B. Excess demand and excess supply are zero

C. The market is cleared by the equilibrium price

D. All of the above

A. a nonlinear relationship

B. a positive linear relationship

C. a scatter diagrams

D. a negative linear relationship

A. vertical axis and horizontal axis

B. intercept and slope

C. scale and slope

D. intercept and scale

A. adjusting for changes over time

B. adjusting for data collection errors

C. adjusting for population changes

D. adjusting or changes in prices

A. about the same point in time over different places

B. about different points in time over the same variable

C. about different variables over different places

D. about different points in time over different places

A. individual building blocks in the economy

B. the relationship between different sectors on the economy

C. household purchase decisions

D. the economy as a whole

A. economics problems are solved by the government and market

B. economic decisions are made by the private sector and free market

C. economic allocation is achieved by the invisible hand

D. economics s is solved by government departments

A. a place to buy things

B. a place to sell things

C. the process by which prices adjust to reconcile the allocation of resources

D. a place where buyers and sellers meet

A. Production technology

B. Consumption decisions

C. how society decides what how and for whom to produce

D. the best way to run society