Economics
Basic Concepts of Economics MCQs with Answers
What does the term “economics” refer to? A) The study of money only B) The study of human behavior in…
Read More »Microeconomics vs. Macroeconomics MCQs with Answers
What does microeconomics primarily study? A) The overall economy of a country B) The behavior of individual consumers and firms…
Read More »Economic Systems: Capitalism, Socialism & Mixed Economy MCQs with Answers
Economic systems are primarily concerned with: A) Deciding who owns resources and how they are allocated B) Determining how governments…
Read More »Scarcity, Choice & Opportunity Cost MCQs with Answers
Scarcity in economics refers to: A) Unlimited resources for production B) The limited availability of resources to meet unlimited wants…
Read More »Production Possibility Curve (PPC) MCQs with Answers
The Production Possibility Curve (PPC) shows the relationship between: A) The price of goods and services B) The demand for…
Read More »Economic Growth vs. Economic Development MCQs with Answers
Economic growth refers to: A) An increase in a country’s GDP B) Improvements in healthcare and education C) A decrease…
Read More »Factors of Production & Their Importance MCQs with Answers
What is the primary role of land in the factors of production? A) To provide physical space for manufacturing B)…
Read More »Types of Economic Resources MCQs with Answers
What is considered a land resource in economics? A) Natural gas B) Labor C) Capital D) Human skills Which of…
Read More »Role of Government in Economy MCQs with Answers
What is the primary role of government in a mixed economy? A) To control all economic activities B) To regulate…
Read More »Basic Economic Problems & Their Solutions MCQs with Answers
What is a fundamental economic problem faced by all societies? A) Scarcity of resources B) High unemployment rates C) Low…
Read More »Law of Demand: Definition & Determinants MCQs with Answers
The law of demand states that, ceteris paribus, A) Price and quantity demanded are inversely related B) Price and quantity…
Read More »Law of Supply: Definition & Factors MCQs with Answers
The law of supply states that: A) Price and quantity supplied are directly related B) Price and quantity supplied are…
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