Answer these 300+ Economics MCQs and assess your grip on the subject of Economics. Scroll below and get started!
A. It shapes the environmental constraints that economic relationships take place under.
B. It shapes the resources available to a given group of people.
C. It shapes the goals sought by individuals and the means of achieving those goals.
D. It shapes how many people engage trade and how many people abstain from it.
A. Humans evolved in an environment of scarcity and instinctually seek to maximize their possessions.
B. They observe that human wants are unlimited but the means for achieving them are not.
C. Industrialization has made resources scarce, and humans must compete in order to survive.
D. Economists think all humans are as greedy as they are.
A. Kinship and family ties
B. Wealth and material prosperity
C. Preservation of natural resources
D. Altruism and sharing
A. Are distributed evenly across the population
B. Are more available to some groups than others
C. Are of limited complexity
D. Do not include advanced education
A. Foragers
B. Pastoralists
C. Horticulturalists
D. Agriculturalists
A. Is only used once and then discarded
B. Only available in cultures that have capitalist economies
C. Continually reinvested to generate goods beyond subsistence
D. Requires more labor to create
A. A group of people sharing a single dwelling
B. A group of people united by kinship and shared residence
C. A group of people who collectively own a piece of land
D. A group of people who employ at least one servant
A. Only kin relations
B. Any arrangement seeking financial gain
C. Only nonkin relations
D. Any nonlaboring groups of people
A. Redistribution, kinship, and firm
B. Reciprocity, redistribution, and the market
C. Market, capital, and productive
D. Traditional, market, and industrial
A. Generalized reciprocity
B. Balanced reciprocity
C. Negative reciprocity
D. Redistribution
A. They saw it as evidence that natives were stealing from European settlers.
B. They thought it an irrational waste of food and resources.
C. They were unable to successfully conduct potlatches of their own.
D. They did not want natives entering in to competition without oversight.
A. Cargo system
B. Capital disbursement
C. Market exchange
D. Generalized reciprocity
A. Socialism
B. Capitalism
C. Mercantilism
D. Traditional
A. Their ties to family and friends
B. Their land and animals
C. Their intellectual capacities
D. Their labor, which they exchange for wages
A. It has been embraced by every member of capitalist countries.
B. Capitalism has at least some impact on every country in the world.
C. There are fewer capitalist countries now than before World War II.
D. Capitalism is only found in wealthy countries.
A. Ideal Reciprocity
B. Balanced Reciprocity
C. Gift Reciprocity
D. All of these
A. True
B. False
A. Own
B. Owner’s
C. Society’s
D. All of these
A. Wages
B. Land
C. Capital goods
D. All of these
A. South America
B. Central America
C. Central Asia
D. Both a and b
A. Division of Task
B. Division of Labor
C. Division of Society
D. Both a and b
A. Produce
B. Distribute
C. Consume
D. All of these
A. Finance
B. Economics
C. Social science
D. All of these
A. Maximize
B. Minimize
C. Neutralize
D. Both a and b
A. Kin
B. Non kin
C. Both
D. None of these
A. Balanced Reciprocity
B. Specific Reciprocity
C. Generalized Reciprocity
D. All of these
A. Production
B. Consumption
C. Distribution
D. All of these
A. East
B. West
C. North
D. South
A. Practice
B. Value
C. Form of social organization
D. All of these
A. Market Exchange
B. Goods Exchange
C. Stock Exchange
D. All pf these
A. Balanced Reciprocity
B. Generalized Reciprocity
C. Negative Reciprocity
D. None of these
A. Eastwest
B. Northwest
C. Southeast
D. Westeast
A. Material goods
B. Natural resources
C. Information
D. All of these
A. One sided
B. Mutual
C. Both
D. None
A. True
B. False
A. Distribution
B. Reciprocity
C. Redistribution
D. Both a and c
A. Demanded
B. In equilibrium
C. Supplied
A. Required too many specialized professionals
B. Were very unstable
C. Often wasted resources
D. Required expensive software
A. Social audit
B. To increase domestic jobs in industries with a comparative advantage versus other countries
C. Countertrade
D. All of these
A. Rice
B. Cattle
C. Cotton
D. Oil
E. None of these
A. Equity capital; assets plus liabilities.
B. Assets; liabilities minus equity capital.
C. Liabilities; assets plus equity capital.
D. Liabilities; assets minus equity capital
A. Basel Accord
B. UN Bank Accord
C. GATT Accord
D. WTO Accord
A. Raw and processed materials.
B. Equipment.
C. Component parts.
D. MRO products
A. Centralized; hierarchical
B. Fragmented; centralized
C. Fragmented; unified
D. Unified; hierarchical
A. An explosion
B. Gross requirements
C. Scheduled receipts
D. Lot sizing
A. Logistics
B. Transportation
C. Materials handling
D. Materials management
A. An outward shift of
B. An inward shift of
C. Moving up along
D. Moving down along
A. ARES
B. SMTP
C. EAI
D. CRM
E. ERP
A. Market share of a product
B. Product Price Level
C. Marketing strategy and material price level
D. Availability of reliable data and measures
A. Deadweight loss
B. Marginal profit
C. Economic surplus
D. Selling price