(A) quality of goods
(B) quantity of goods
(C) level of income
(D) price of goods
Category: Economics Mcqs
The value of the good or service forgone by choosing another investment is called
(A) opportunity cost
(B) purchasing power parity
(C) disposable income
(D) consumer price index
Which economic term is used to represent inequality in income distribution?
(A) GDP
(B) GNP
(C) Gini
(D) HDI
Goods produced to produce yet other goods is called
(A) final goods
(B) capital
(C) investment
(D) resources
Inputs are combined with technology to produce outputs. The fundamental inputs also called factors of production are
(A) land and capital
(B) land and labor
(C) land, labor, and capital
(D) land, labor, capital, and investment
When analyzing the impact of a variable on the economic system the other things
(A) must be kept constant
(B) must also be analyzed
(C) must not be taken into consideration
(D) none of these
Who is considered the founder of modern Macroeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman
Who is considered the founder of Microeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman
Consider a world without scarcity of resources. Then what would be the consequences?
(A) All prices would be zero
(B) Markets would be unnecessary
(C) Economics would no longer be a useful subject
(D) All of the above
The fundamental concept of Economics about resources is that the resources are
(A) equally distributed
(B) unequally distributed
(C) scarce
(D) unlimited