1. The scarcity of resources problem necessarily requires (A) Government to create employment opportunity (B) People to reduce their living standards (C) People to make choices (D) None of the above
Multiple choice questions
1. The scarcity of resources problem necessarily requires
(A) Government to create employment opportunity
(B) People to reduce their living standards
(C) People to make choices
(D) None of the above
2. Holding everything else constant, an improvement in technology affecting the manufacture
of a particular good·will ... . [2]
(A) Shift the supply curve to the left.
(B) Shift the supply curve to the right
(C) Shift both the
(D) Shift both the demand curve and the supply curve to the left
3. If the
result in a ...
(A) 20% increase in the quantity demanded
(B) 20% decrease in the quantity demanded
(C) 5% decrease in the quantity demanded
(D) 5% increase in the quantity demanded
4. An externality is
(A) The effect of government regulation on market price and output.
(B) The amount by which price exceeds marginal cost.
(C) A cost or benefit arising from a decision not enjoyed by the decision maker
(D) Someone who consumes a good without paying for it
5. A distinctive feature of
(A) Product differentiation
(B) Homogeneous products
(C) Existence of a few buyers
(D) Existence of a few sellers
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