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Economics Mcqs Set 7 with Answers

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Economics Multiple Choice Questions (MCQs) for Basic to Advanced Test Preparation. For your test preparation, here are the Basic to Advance and Most Important Economics Mcqs. Economics Multiple Choice Questions for Lecturer and Subject Specialist Exams.

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Economics MCQS Set 7

1 / 10

The opportunity cost of a good is______________?

2 / 10

The Phillips curve shows that ?

3 / 10

Productivity can be increased by ?

4 / 10

If marginal benefit is greater than marginal cost, a rational choice involves ?

5 / 10

Workers in Western Europe enjoy a high standard of living because ?

6 / 10

Which of the following situations describes the greatest market power ?

7 / 10

In a free market?

8 / 10

You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?

9 / 10

Normative economics Forms ________ based on ________?

10 / 10

Data are important in economics because _________ and ____________?

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