Answer these 40 Eight Powerful Ideas MCQs and assess your grip on the subject of Eight Powerful Ideas.
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A. True
B. False
A. Capital
B. Labour
C. Income
D. Resources
A. Comparative
B. Superlative
C. Competitive
D. None of the above
A. Limited
B. Limitless
C. Reasonable
D. None of above
A. Growth
B. Decline
C. Shortage
D. Value
A. Efficiency
B. Deficiency
C. Defect
D. Shortage
A. Improve
B. Maintain
C. Enhance
D. Cancel
A. Businessman
B. Managers
C. Entrepreneurs
D. Inverters
A. Efficiency
B. Externality
C. Internality
D. Labor
A. True
B. False
A. Tangible goods
B. Intangible goods
C. Club goods
D. Normal goods
A. Physical
B. Mental
C. None of these
D. Both of these
A. Labor
B. Land
C. Machinery
D. Items
A. Additional
B. Marginal
C. Additional and Marginal
D. Additional or Marginal
A. Economy failure
B. Market failure
C. Resources failure
D. Efficiency failure
A. Positive incentive
B. Negative incentive
C. Both of these
D. None of these
A. Net benefit
B. Net Costs
C. Total benefit
D. Total Costs
A. Fixed Cost
B. Opportunity cost
C. Variable Cost
D. Marginal cost
A. Positive incentive
B. Negative incentive
C. Both of these
D. None of these
A. Minimum
B. Maximum
C. Minimum or Maximum
D. Minimum and Maximum
A. Efficiency
B. Productivity
C. Effectiveness
D. Creativity
A. True
B. False
A. Are known as
B. Rule of irrational choice
C. Rule of rational choice
D. Rule of exchange choice
E. Rule of individual choice
A. Tangible
B. Intangible
C. Normal
D. Club
A. One
B. Few
C. Both of these
D. None of these
A. Normal Goods
B. Tangible Goods
C. Intangible Goods
D. Club Goods
A. Capital
B. Labor
C. Land
D. Tools
A. Economist
B. Entrepreneur
C. Manager
D. Manufacturer
A. Garbage
B. Sunlight
C. Peanuts
D. Gravity
A. All the things you give up when you make a choice
B. The average costs incurred to gain a college degree
C. The financial risk involved in pursuing an opportunity
D. The value of the best alternative that was not chosen
A. Expected marginal thinking
B. Incentive-driven analysis
C. Net comparative advantage
D. Rational decision making
A. “needs” place extra emphasis on scarcity
B. It is hard to compare “needs” among people
C. They consider “wants” and “needs” the same
D. “needs” do not usually change over time
A. Best choice
B. Net benefit
C. Optimal cost
D. Trade-off
A. Incentives are the same thing as price controls.
B. Incentives increase sales while reducing costs.
C. Incentives may be either positive or negative.
D. Incentives tend to have little impact on sales.
A. Capital
B. Labor
C. Trade
D. Value
A. Competition
B. Conservation
C. Distribution
D. Specialization
A. CEOs and other top executives
B. Government-controlled firms
C. Federal government agencies
D. Private individuals and firms
A. Allocation
B. Efficiency
C. Externality
D. Monopoly
A. Efficiency and equality
B. Externality and income
C. Property and opportunity
D. Resources and incentives
A. An increase in the overall price level in an economy
B. Focused activity that assures the best use of resources
C. Government-mandated minimum or maximum prices
D. Measurable growth in real output per capita over time
A. Economic growth rates measure the distribution of an economy’s output and income.
B. A slight difference in growth rates over a long period of time makes a big difference.
C. A small improvement in economic growth would not help today’s poorest countries.
D. Today’s richest countries will remain rich even if they experience slower growth rates.