Answer these Principles of Economics MCQs and see how sharp is your knowledge of Principles of Economics. Scroll down and let's start!
A. The mpc;autonomous consumption
B. Autonomous consumption;the mpc
C. The unplanned component of consumption;the planned component of consumption
D. The planned component of consumption;the unplanned component of consumption
A. Fiscal budget.
B. Balanced budget.
C. Contractionary fiscal policy.
D. Discretionary fiscal policy
A. Government's increasing spending and lowering taxes
B. Government's decreasing spending and raising taxes
C. Federal reserve's increasing the money supply and decreasing interest rates
D. Federal Reserve's decreasing the money supply and increasing interest rates
A. Increases
B. Decreases
C. Remains the same
D. None of the above.
A. Total​ surplus; market​ price; marginal cost
B. Producer​ surplus; overproduction; subsidy
C. Total​ surplus; underproduction; overproduction
D. Consumer​ surplus; underproduction; tax
A. Scarcity
B. Inflation
C. Unemployment
D. Economic growth
A. Land
B. Labor
C. Money
D. Capital
A. As the price of a good increases, the quantity demanded increases.
B. As the price of a good decreases, the quantity demanded decreases.
C. As the price of a good increases, the quantity demanded decreases.
D. As the price of a good decreases, the quantity demanded increases.
A. The actual cost of a good or service
B. The cost of production
C. The highest-valued alternative that is given up to choose another option
D. The total cost of all alternatives
A. Monopoly
B. Oligopoly
C. Perfect competition
D. Monopolistic competition
A. As the price of a good increases, the quantity supplied increases.
B. As the price of a good decreases, the quantity supplied decreases.
C. As the price of a good increases, the quantity supplied decreases.
D. As the price of a good decreases, the quantity supplied increases.
A. Gross Domestic Product (GDP)
B. Consumer Price Index (CPI)
C. Inflation rate
D. Unemployment rate
A. A decrease in the general price level of goods and services
B. An increase in the quantity of money in circulation
C. A sustained increase in the general price level of goods and services over time
D. A decrease in the unemployment rate
A. As the quantity of a good consumed increases, the total utility increases at a decreasing rate.
B. As the quantity of a good consumed increases, the total utility increases at a constant rate.
C. As the quantity of a good consumed increases, the total utility remains constant.
D. As the quantity of a good consumed increases, the total utility decreases.
A. Fiscal policy
B. Monetary policy
C. Supply-side policy
D. Trade policy