Economics MCQ's : 25 Questions

Feb 3rd, 2012
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1:The law of demand states that there is a direct relationship between supply and demand. 2:Equilibrium is a state of balance between supply and demand. 3:Goods are scarce for both rich and poor. 4:In the circular flow model, firms own economic resources, and households buy the manufactured products and services. 5:Scarcity denotes that our desire for a good exceeds the amount that is freely available from nature.

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QUESTION 11. The law of demand states that there is a direct relationship between supply and demand.TrueFalseQUESTION 21. Equilibrium is a state of balance between supply and demand.TrueFalseQUESTION 31. Goods are scarce for both rich and poor.TrueFalseQUESTION 41. "The big corporations in this country, like ExxonMobil and GM, have deep pockets and need to be hiring more people." This is a positive statement about economic policy.TrueFalseQUESTION 51. The law of supply states that there is a direct relationship between price and quantity demanded.TrueFalseQUESTION 61. In the circular flow model, firms own economic resources, and households buy the manufactured products and services.TrueFalseQUESTION 71. Households play a dual role of providing the factors of production while purchasing the goods and services of firms.TrueFalseQUESTION 81. Opportunity cost is the lowest valued benefit that must be sacrificed as the result of choosing an alternative.TrueFalseQUESTION 91. Scarcity denotes that our desire for a good exceeds the amount that is freely available from nature.TrueFalseQUESTION 101. Economics is a social science concerned with satisfying man's unlimited wants with limited resources.TrueFalseQUESTION 111. Joint output of individuals or nations will be maximized when goods are exchanged between parties in accordance with the law of "comparative advantage".TrueFalseQUESTION 121. The producti

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