Economics Mcqs

A. Is provided by the government
B. Is free
C. Has the properties of being non-excludable and non-diminishable
D. Gas external costs

A. Supply is price elastic
B. Demand is price elastic
C. Supply is stable
D. Demand and supply are price inelastic

A. There is excess equilibrium
B. There is excess supply
C. There is excess demand
D. There is equilibrium

A. The social marginal costs are higher than the private marginals costs
B. A product is not provided in the free market
C. The social marginal cost equal the social marginal benefit
D. The social marginal benefits are higher than the private marginal benefits

A. Judicial economic statement
B. Positive economic statement
C. Formative economic statement
D. Normative economic statement

A. increase equilibrium price and quantity
B. Decrease equilibrium price and quantity
C. Increase equilibrium price and decrease quantity
D. Decrease equilibrium price and increase quantity

A. The price elasticity of supply is + 3
B. The price elasticity of supply is + 0.2
C. The price elasticity of supply is + 2
D. The price elasticity of supply is infinity

A. Signal
B. Incentive
C. Rationing device
D. Indicator of income

A. Act as a signal
B. Act as a incentive
C. Act as a rationing device
D. shift the demand curve

A. Shifts the supply curve
B. shifts the demand curve
C. Leads to a contractions in supply
D. Leads to an extension of supply