Economics MCQs / Q&A

A buyer’s willingness to pay is that buyer’s ? A. minimum amount they are willing to pay for a good B. producer surplus. C. consumer surplus D. maximum amount they are willing to pay for a good (Correct) E. none of these answers…

As of 2002, the ________ became the official currency union of the European Monetary System ? A. dollar B. mark C. franc D. euro (Correct)

“Soft “money is_________________? A. money promised for campaigns B. money used to purchase air time C. money given after the election D. none of the above (Correct)

The chief reason that Congress is so ineffective is________________? A. that the Constitution delegates it so little power B. a result of the gradual emergence of the Supreme Court as a legislative body C. the development of the…

Which is the main staple food of the population and largest grain crop of the country ? A. rice B. pulses C. wheat (Correct) D. None of these

Which round of international trade negotiations resulted in the creation of the World Trade Organization ? A. Kennedy Round of 1964-1967 B. Tokyo Round of 1973-1979 C. Uruguay Round of 1986-1993 (Correct) D. Doha Round of…

If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ? A. constant opportunity costs B. decreasing opportunity costs C. first increasing and then decreasing…

Singapore and Hong Kong have become major economic powers by taking advantage of their ? A. abundant mineral resources B. imported cheap labor from Japan C. Profits from agricultural surpluses D. favorable location on…

National income refers to ? A. Money value of goods and and services produced in a country during a year. (Correct) B. Money value of stocks and shares of a country during a year. C. Money value of capital goods produced by a country…

A symbiotic relationship exists between__________________? A. the press and politicians B. the president and Congress C. the two political parties D. all of the above (Correct)