Economics Mcqs
Short-run equilibrium output means that aggregate demand __________ actual output?

A. is less than
B. equals
C. is greater than
D. fluctuates around

For economists, the word “utility” means:

A. versatility and flexibility
B. rationality
C. pleasure and satisfaction
D. purposefulness

Menu costs in relation to inflation refers to ?

A. Costs of finding better rates of return
B. Costs of altering price lists
C. Costs of money increasing its value
D. Costs of revaluing the currency

During the 1980s and 1990s the economic policies of China, supported by Deng Xiaoping have led directly to______________??

A. an expansion of China’s colonial empire
B. an increase in trade with the West
C. a return to a strict command economy
D. the success of the commune system

One principle in the theory of mercantilism is that colonies should be_____________?

A. granted independence as soon as possible
B. Considered an economic burden for the colonial power
C. encouraged to develop their own industries
D. acquired as markets and sources of raw materials

A comparison of Japan’s policies before 1945 with the policies in effect after 1945 indicates that______________?

A. reduction in spending on military goods leads to economic depression
B. dependence on foreign trade usually leads to a weakened national economy
C. territorial aggression is not necessary to secure national economic goals
D. democratic institution hinder economic growth

Which situation has contributed most recent Japanese economic growth ?

A. The Japanese government has place limits on Japanese exports
B. Japanese industries spend very little on the research and development of new products
C. The Japanese government and Japanese businesses have cooperated with each other
D. Japanese citizens save less of their incomes than the citizens of other industrialized nation do

In recent years, which factor has been major reason for the economic tensions between the United States and China ?

A. China’s trade deficit with the United States was very high
B. The United States refused to place quotas on Chinese goods
C. The United States imported more from China than it exported to China
D. China lowered tariffs on goods imported from the United States