Mcq Question From Previous Sem
Tutorial Questions: Chapters 1 & 2
Section A- Answers MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)
In economics scarcity refers to:
A)
insufficient resources to meet the wants of society.
B)
the situation when the production possibility frontier shifts inwards.
C)
not enough technological progress to enable more output to be produced from existing levels of resources.
D)
insufficient demand for goods and services.
2)
What does marginal analysis involve?
A)
Comparing marginal costs to marginal benefits.
B)
Comparing total costs to total benefits.
C)
Comparing average costs to average benefits.
D)
Subtracting total costs from total benefits.
3)
The production possibility frontier shows:
A)
the rate of substitution between capital and labour.
B)
the various products that can be produced now and in the future.
C)
attainable combinations of two products that may be produced with available resources.
D)
what an equitable distribution of products among citizens would be.
4)
If a full-time student chooses to spend a day at the beach, the opportunity cost of this decision is equal to:
A)
the alternative use of the student's time, such as studying.
B)
zero, since the student is not in paid employment, and is not foregoing any wages.
C)
the food, drinks and sunscreen purchased for the day at the beach.
D)
the wages that the student would have received had he/she decided to work full-time instead of studying.
5)
A production possibility frontier will shift outwards if:
A)
there is a change in consumer preferences.
B)
the rate of unemployment decreases.
C)
there is an increase in the supply of money in the economy.
D) the number of people entering the labour force increase
Tutorial Questions: Chapter 3
Section A- MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)
Section A- Answers MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)
In economics scarcity refers to:
A)
insufficient resources to meet the wants of society.
B)
the situation when the production possibility frontier shifts inwards.
C)
not enough technological progress to enable more output to be produced from existing levels of resources.
D)
insufficient demand for goods and services.
2)
What does marginal analysis involve?
A)
Comparing marginal costs to marginal benefits.
B)
Comparing total costs to total benefits.
C)
Comparing average costs to average benefits.
D)
Subtracting total costs from total benefits.
3)
The production possibility frontier shows:
A)
the rate of substitution between capital and labour.
B)
the various products that can be produced now and in the future.
C)
attainable combinations of two products that may be produced with available resources.
D)
what an equitable distribution of products among citizens would be.
4)
If a full-time student chooses to spend a day at the beach, the opportunity cost of this decision is equal to:
A)
the alternative use of the student's time, such as studying.
B)
zero, since the student is not in paid employment, and is not foregoing any wages.
C)
the food, drinks and sunscreen purchased for the day at the beach.
D)
the wages that the student would have received had he/she decided to work full-time instead of studying.
5)
A production possibility frontier will shift outwards if:
A)
there is a change in consumer preferences.
B)
the rate of unemployment decreases.
C)
there is an increase in the supply of money in the economy.
D) the number of people entering the labour force increase
Tutorial Questions: Chapter 3
Section A- MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1)