[{"id":212969,"question":"Economics given can be shown by","choices":[{"text":"An inward shift of the production possibility frontier","value":"A"},{"text":"A movement down the production possibility frontier","value":"B"},{"text":"An outward shift of the production possibility frontier","value":"C"},{"text":"A movement up the production possibility frontier","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":212968,"question":"If an economy is productively efficient.","choices":[{"text":"Everyone is wealthy","value":"A"},{"text":"Resources are unemployed","value":"B"},{"text":"More of one product can only be produced if less of another product is produced.","value":"C"},{"text":"The distribution of income is equal","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":212967,"question":"Which of the following is a normative statement in economics.","choices":[{"text":"More spending by the government reduces poverty","value":"A"},{"text":"Higher taxes lead to less desire to work","value":"B"},{"text":"the UK Economy is growing fast relative to other European Union members","value":"C"},{"text":"The Government should concentrate on reducing unemployment","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212966,"question":"The public sector includes.","choices":[{"text":"Investors owning companies","value":"A"},{"text":"Government ownership of assets","value":"B"},{"text":"Market forces of supply and demand","value":"C"},{"text":"All trade via barter","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":212965,"question":"In a command economy","choices":[{"text":"The price mechanism acts as an incentive","value":"A"},{"text":"Resources are allocated by market forces","value":"B"},{"text":"Individual firms make decisions for themselves about what to produce and how to produce it.","value":"C"},{"text":"The public sector is large","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212964,"question":"A mixed economy","choices":[{"text":"Has supply but not demand","value":"A"},{"text":"Has demand but not supply","value":"B"},{"text":"Has supply and demant","value":"C"},{"text":"Has market forces and government intervention","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212963,"question":"The free market involves","choices":[{"text":"The free provision of products","value":"A"},{"text":"The subsidizing of products by the government","value":"B"},{"text":"Market forces of supply and demand","value":"C"},{"text":"All trade via barter","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":212962,"question":"The fundamental economic problem faced by all societies is.","choices":[{"text":"Unemployment","value":"A"},{"text":"Inequality","value":"B"},{"text":"Poverty","value":"C"},{"text":"Scarcity","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212961,"question":"Revealed preference theory was presented by.","choices":[{"text":"Samuelson","value":"A"},{"text":"Hicks","value":"B"},{"text":"Marshall","value":"C"},{"text":"rICARDO","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":212960,"question":"Which of the following is not one of the basic economic questions.","choices":[{"text":"What is produce","value":"A"},{"text":"Who to produce for","value":"B"},{"text":"How to produce","value":"C"},{"text":"How to maximize economic growth","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212959,"question":"The sacrifice involved when you choose a particular course of action is called the","choices":[{"text":"Alterative","value":"A"},{"text":"Opportunity cost","value":"B"},{"text":"Consumer cost","value":"C"},{"text":"Producer cost","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":212958,"question":"Human wants are","choices":[{"text":"Always fixed","value":"A"},{"text":"Limited","value":"B"},{"text":"Unlimited","value":"C"},{"text":"Likely to decrease over time","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":212957,"question":"Resources in an economy","choices":[{"text":"Are always fixed","value":"A"},{"text":"Can never decrease","value":"B"},{"text":"Always increase over time","value":"C"},{"text":"Are limited at any moment in time","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212956,"question":"Ordinal measurement approach was not presented by","choices":[{"text":"Allen","value":"A"},{"text":"Hicks","value":"B"},{"text":"Edge worth","value":"C"},{"text":"Robbins","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212955,"question":"Who advocates laissez fair.","choices":[{"text":"Monetarists","value":"A"},{"text":"Classical","value":"B"},{"text":"Neo classical","value":"C"},{"text":"Modern","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":212954,"question":"Market is called father of economics","choices":[{"text":"Marshall","value":"A"},{"text":"Robbins","value":"B"},{"text":"Keynes","value":"C"},{"text":"Friedman","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":212953,"question":"Profit making is basic motive in.","choices":[{"text":"Socialism","value":"A"},{"text":"Mixed economy","value":"B"},{"text":"Communism","value":"C"},{"text":"<sup>Capitalism</sup>","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212952,"question":"In land intensive method which mean production is used comparativelymore","choices":[{"text":"Labour","value":"A"},{"text":"Land","value":"B"},{"text":"Capital","value":"C"},{"text":"Organization","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":212951,"question":"What does ceteris paribus mean.","choices":[{"text":"\"Scientific method\"","value":"A"},{"text":"\"Rational thinking\"","value":"B"},{"text":"\"Other things remaining the same\"","value":"C"},{"text":"\"There is no such thing as a free lunc\"","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":212950,"question":"What makes economics scientific.","choices":[{"text":"It tests theories against observations and modifies the theories if needed.","value":"A"},{"text":"It uses numbers to measure things","value":"B"},{"text":"It involves the use of experiments","value":"C"},{"text":"It is a description of how thing work","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":212949,"question":"If economics when we say that people are rational, we mean that they.","choices":[{"text":"Never make mistakes","value":"A"},{"text":"Try to get what they desire as best they can, given the limitations they face.","value":"B"},{"text":"Logically figure out what to do","value":"C"},{"text":"Behave in a random unpredictable manner","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":212948,"question":"A scarce good.","choices":[{"text":"Does not exist","value":"A"},{"text":"Is a good that can only be purchased with money","value":"B"},{"text":"Is a good that can never be purchased with money","value":"C"},{"text":"Is a good that is available in limited quantities, but is desired in greater quantities.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212947,"question":"Which of the following rights be a scarce good.","choices":[{"text":"Love","value":"A"},{"text":"faith","value":"B"},{"text":"Self control","value":"C"},{"text":"All of above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212946,"question":"Which kind economics deals with issues such as unemployment inflation, and economic growth.","choices":[{"text":"Macro economics","value":"A"},{"text":"Micro economics","value":"B"},{"text":"Growth economics","value":"C"},{"text":"Political economics","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":212945,"question":"Macro economics deals with","choices":[{"text":"Only the decisions made by individuals and their results.","value":"A"},{"text":"Only the decisions made by businesses and their results.","value":"B"},{"text":"Mostly large scale decisions made by countries and governments, and their results.","value":"C"},{"text":"Only the decisions made by individuals but not the results.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":212944,"question":"Why does it make sense in assume that people are rational, if you want to predict their behavior.","choices":[{"text":"People are not guided by emotions when making decisions","value":"A"},{"text":"People wheo act in the way that best gets them what they want will tend to repeat that behavior, and will tend to learn from mistakes that they do make","value":"B"},{"text":"People never make mistakes, and tend to make the correct choices all of the time","value":"C"},{"text":"People always logically figure out what to do.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":212943,"question":"Economic theory assumes that people","choices":[{"text":"Act in greedy and selfish ways, without regard for the welfare of others.","value":"A"},{"text":"Act without regard for their own interests.","value":"B"},{"text":"Are not motivated by self interest","value":"C"},{"text":"Are motivated by self interest but still might be concerned for the welfare of others.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212942,"question":"In economics we ofthe say that a particular event will occur \"as long as other things stay the same. \" The conduction that other thing saty the same is also called.","choices":[{"text":"Ceteris paribus","value":"A"},{"text":"Marginal decision making","value":"B"},{"text":"Incentives","value":"C"},{"text":"Secondary effects","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":212941,"question":"Can economic theories be tested.","choices":[{"text":"No since individuals will seldom respond in predictable ways","value":"A"},{"text":"Yes, since all individuals respond int he same ways to the same situation.","value":"B"},{"text":"No , since the general behavior of a large numebr of individuals cannot be predicated","value":"C"},{"text":"Yes , since people will, on average, respond in predictable ways to changes in costs and benefits.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212940,"question":"What does the phrases \"there is no such thing as a free lunch'mean\"","choices":[{"text":"Individuals must always pay money for the food the eat.","value":"A"},{"text":"No restaurant wner will provide food to patrons unless they pay her","value":"B"},{"text":"Restaurant owners act selfishly","value":"C"},{"text":"Consumption of any good requires that other goods be given up","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":212939,"question":"A recurring theme in economics is.","choices":[{"text":"People have unlimited wants in the face of limited resources","value":"A"},{"text":"There are unlimited resources","value":"B"},{"text":"Our country is rich, we just don't realize it","value":"C"},{"text":"People have limited wants in the face of limited resource.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":212938,"question":"Scarcity means that","choices":[{"text":"We cannot have everything that we might want","value":"A"},{"text":"We have to make choices between the things we desire.","value":"B"},{"text":"There are costs to just about any activity we undertake","value":"C"},{"text":"We must give up some thing in order to obtain other things.","value":"D"},{"text":"All of the above are correct","value":"E"}],"correctAnswer":5},{"id":212937,"question":"In economics, the term 'scarcity' refers to the fact that","choices":[{"text":"Everything worthwhile costs money","value":"A"},{"text":"No society is able to produce enough to fully satisfy the desires of people for goods.","value":"B"},{"text":"Even in wealthy societies, like the united states, some people are poor","value":"C"},{"text":"sometimes shortages of product result if its price is set too low.","value":"D"},{"text":"In any urban are there are people who have had healed wounds","value":"E"}],"correctAnswer":2},{"id":212936,"question":"Economics is the study of.","choices":[{"text":"All business, including how they operate why the exist and how they afect","value":"A"},{"text":"Decisions that people must make because goods and services are limited.","value":"B"},{"text":"How to save money, spend money invest savings, and balance a checkbook","value":"C"},{"text":"The stock market the bond market and investment strategies","value":"D"},{"text":"Big business and its impact on our live","value":"E"}],"correctAnswer":2}]