Economics Quiz

Economics multiple choice questions (MCQs) Page-2. These quizzes are from fundamentals of Economics. Find answers to the questions at the bottom of the page.

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11. The branch of economics concerned with overall performance of the economy is known as
(A) Microeconomics
(B) Macroeconomics
(C) Econometrics
(D) Keynesian Economics

12. 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

13. 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

14. 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

15. Taxes are used to discourage __________ of a commodity.
(A) consumption
(B) production
(C) saving
(D) inflation

16. Subsidies are used to encourage __________ of a commodity.
(A) consumption
(B) production
(C) saving
(D) inflation

17. 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

18. Which from the following are features of a modern economy?
(A) Specialization
(B) Division of Labor
(C) Financial Markets
(D) All of the above

19. 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

20. Which from the following are the results of imperfect competition in the markets?
(A) Monopolies
(B) Externalities
(C) Public goods
(D) All of the above

ANSWERS: ECONOMICS QUIZ
11. B
12. C
13. A
14. D
15. A
16. B
17. B
18. D
19. A
20. D