(A) Monopolies
(B) Externalities
(C) Public goods
(D) All of the above
Category: Economics Mcqs
When no firm or consumer is large enough to affect the market price, the market is assumed to have
(A) perfect competition
(B) imperfect competition
(C) no competition
(D) none of these
Which from the following are features of a modern economy?
(A) Specialization
(B) Division of Labor
(C) Financial Markets
(D) All of the above
Which from the following economic resources cannot be converted into commodity?
(A) Land
(B) Labour
(C) Capital
(D) All of these can be converted into commodity
Subsidies are used to encourage __________ of a commodity.
(A) consumption
(B) production
(C) saving
(D) inflation
Taxes are used to discourage __________ of a commodity.
(A) consumption
(B) production
(C) saving
(D) inflation
An economy is producing efficiently when no individual’s economic welfare can be improved unless
(A) supply is increased
(B) demand is increased
(C) someone else is improved
(D) someone else is made worse off
The branch of economics concerned with the behavior of markets, firms, and households is known as
(A) Microeconomics
(B) Macroeconomics
(C) Econometrics
(D) Bayesian Economics
The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as
(A) Microeconomics
(B) Macroeconomics
(C) Econometrics
(D) Keynesian Economics
The branch of economics concerned with overall performance of the economy is known as
(A) Microeconomics
(B) Macroeconomics
(C) Econometrics
(D) Keynesian Economic