Fundamentals of Economics MCQs

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Economics is the study, description, and analysis of the ways in which a society produces and distributes Goods and Services.
Fundamentals of economics MCQs

Fundamentals of Economics MCQs

Economics is the study, description, and analysis of the ways in which a society produces and distributes Goods and Services. Here on MCQs.club we have prepared Multiple Choice Questions (MCQs) on Economics that fully cover fundamentals of economics MCQs, fundamental of economics and management, public economics, managerial economics, basic fundamentals of economics for business. These MCQs are useful for useful for competitive exams, Business management exams and Professional accountancy exams.

  1. Economics is the study, description, and analysis of the ways in which a society produces and distributes:
    1. Goods
    2. Services
    3. Both A&B
    4. None
  1. In economics, the term goods and services refer to everything that is produced in the economy — all products and services, including government “services,” such as national defense and the prison system.
    1. True
    2. False
  1. The phenomenon of scarcity gives rise to some basic questions that are faced by every economy. The fundamental questions are:
    1. What to produce?
    2. How to produce?
    3. For whom to produce?
    4. All of the above
  1. Scarcity – “What to produce” addresses?
    1. two aspects; the needs of the society and the use of the available resources in the most efficient manner.
    2. The question about the combination of scarce resources that would be used to produce goods and services. It questions the production techniques and whether these would be capital intensive or labour intensive.
    3. … involves deciding about the distribution of goods and services i.e. who gets the final national product and how much.
    4. All of the above
  1. Scarcity – “How to produce” addresses?
    1. two aspects; the needs of the society and the use of the available resources in the most efficient manner.
    2. The question about the combination of scarce resources that would be used to produce goods and services. It questions the production techniques and whether these would be capital intensive or labour intensive.
    3. … involves deciding about the distribution of goods and services i.e. who gets the final national product and how much.
    4. All of the above
  1. Scarcity – “For whom to produce” addresses?
    1. two aspects; the needs of the society and the use of the available resources in the most efficient manner.
    2. The question about the combination of scarce resources that would be used to produce goods and services. It questions the production techniques and whether these would be capital intensive or labour intensive.
    3. … involves deciding about the distribution of goods and services i.e. who gets the final national product and how much.
    4. All of the above
  1. An economist collects his facts, analyses them, classifies them, and then discovers general principles governing these facts.
    1. False
    2. True
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