Economics MCQs Test

Economics MCQs → Economics MCQs Test from 26 to 30

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26. The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called
(A) the supply curve
(B) the demand curve
(C) production-possibility frontier
(D) the supply-demand equilibrium

27. Which economic term is used to measure the overall performance of an economy?
(A) GDP
(B) GNP
(C) Gini
(D) HDI

28. Productive efficiency occurs when an economy cannot produce _____ of one good without producing _____ of another good.
(A) more, more
(B) more, less
(C) less, less
(D) none of these

29. The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the
(A) self-regulating economy
(B) government-controlled economy
(C) command economy
(D) socialism

30. The increase in economic integration among nations is termed as
(A) specialization
(B) market economy
(C) globalization
(D) equilibrium condition

ANSWERS: ECONOMICS MCQS TEST
26. (C) production-possibility frontier
27. (A) GDP
28. (B) more, less
29. (A) self-regulating economy
30. (C) globalization