Ethical Economy MCQ
1. _____ is excludable and _____ is nonexcludable.
Answer
Correct Answer:
A camera; a concert in the park
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2. The quantity of a product that will be produced and sold at a specific price is the __________.
Answer
Correct Answer:
Supply quantity
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3. The plow was to the agricultural society as the ________ was to the industrial society.
Answer
Correct Answer:
Steam engine
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4. The limited resources in demand in society are called the ___________ of production.
Answer
Correct Answer:
Economic resources
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5. The law of supply states that as prices _____, the quantity _____.
Answer
Correct Answer:
Rise; supplied rises
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6. Adam smith wrote _____.
Answer
Correct Answer:
The Wealth of Nations
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7. Since 1989, there have been ________ convicts who were found innocent due to dna testing.
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8. One paradox of chinatowns is that ________.
Answer
Correct Answer:
Their bright lights and exotic sounds conceal widespread poverty
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9. As your income rises, _______.
Answer
Correct Answer:
The amount of taxes you pay increases
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10. A government imposes _____ to increase competition in the marketplace.
Answer
Correct Answer:
Antitrust laws
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11. All other things equal, according to the law of demand, when the price of a good falls, ________.
Answer
Correct Answer:
The quantity demanded of the good rises
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12. According to the law of supply, suppliers want to sell their product at ___ prices.
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13. According to the law of demand, a change in _______ causes a movement along the demand curve.
Answer
Correct Answer:
The price of the good
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14. A truly representative sample should be ______.
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15. _____ are different, even within the same job.
Answer
Correct Answer:
Workplaces
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16. The majority of fdi comes from ______; the majority of fdi goes to _____.
Answer
Correct Answer:
Developed countries; developed countries
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17. The loanable funds market is ______.
Answer
Correct Answer:
The aggregate of all the individual financial markets
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18. The labor-force participation rate measures the proportion ( or percentage) of the_________.
Answer
Correct Answer:
Total adult population that is in the labor force
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19. The country with the most fdi inflows is _____; the country with the most fdi outflows is ____.
Answer
Correct Answer:
United States
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20. Total risk is measured by _____ and systematic risk is measured by _____.
Answer
Correct Answer:
Standard deviation; beta
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21. Ethical intensity depends on all of the following except ____.
Answer
Correct Answer:
Social commitment
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Economics MCQs | Topic-wise
