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Economics Multiple Choice Questions from 16 to 20

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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 MULTIPLE CHOICE QUESTIONS
16. (B) production
17. (B) Labour
18. (D) All of the above
19. (A) perfect competition
20. (D) All of the above