(A) comparing the net benefit of a choice with the total net benefit foregone of all the
alternatives combined
(B) weighing up total costs and total benefits associated with a decision
(C) weighing up marginal costs and marginal benefits associated with a decision
(D) all of the above.
Category: Economics Mcqs
Users will find here Economics Mcqs for NTS, CSS, PMS, PPSC, FPSC, KPPSC, AJKPSC, BPSC, PTS, SPSC, Lecturer and all other types of Competitive Exams and Interviews. Economics students can prepare their Economics Portion for all test from here.
The former Soviet Union was an example of?
(A) a planned economy
(B) free-market/capitalism
(C) dictatorship
(D) a mixed economy
Positive statements are?
(A) value judgments
(B) verifiable or testable
(C) statements in the affirmative
(D) good statements
Laboratory (or controlled) experiments cannot be performed in economics because?
(A) of resource scarcity.
(B) economics is a natural science.
(C) of the difficulty of distinguishing between normative and positive statements.
(D) economics is a social science.
The phrase ‘ceteris paribus’ is best expressed as?
(A) ‘all else equal.’
(B) ‘everything affects everything else.’
(C) ‘scarcity is a fact of life.’
(D) ‘there is no such thing as a free lunch.’
What lies is at the heart of the allocation of goods and services in a free-market economy?
(A) Concerns of equity or equal distribution among individuals.
(B) The order or command of the ruling government or dictator.
(C) The wishes of consumers in the market.
(D) The price mechanism.
Periods of “less than full employment” of resources correspond to?
(A) points on the ppf.
(B) points outside the ppf.
(C) either points inside or outside the ppf.
(D) points inside the ppf.
A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a?
(A) demand curve.
(B) supply curve
(C) production possibility frontier.
(D) circular-flow diagram.