Economics Economics Quiz 02 Preparation Online Economics Quiz 02 Preparation Online 1. When we assume that what is true for the part is also true for the whole, we are committing ? A. (D) normative fallacyB. (B) failure to hold other things constant C. (C) the fallacy of composition D. (A) the post hoc fallacy Loading... 2. The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called ? A. (D) the supply-demand equilibriumB. (A) the supply curve C. (B) the demand curve D. (C) production-possibility frontier Loading... 3. The three fundamental economic problems of what, how, and for whom are solved by ? A. (D) marketsB. (A) supply C. (C) consumption D. (B) demand Loading... 4. Productive efficiency occurs when an economy cannot produce _____ of one good without producing _____ of another good. A. (C) less, less B. (A) more, more C. (B) more, less D. (D) none of these Loading... 5. The three fundamental economic problems every human society must confront and resolve are ? A. (B) what, where and when B. (C) what, how, and for whom C. (A) what, how and when D. (D) how, where, and for whom Loading... 6. Fiscal policy consists of government’s ? A. (D) expenditure and taxationB. (A) revenue and taxation C. (B) taxation and credit control D. (C) expenditure and investment Loading... 7. Which economic term is used to measure the overall performance of an economy? A. (C) Gini B. (B) GNP C. (D) HDID. (A) GDP Loading... 8. When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called ? A. (A) the post hoc fallacy B. (B) failure to hold other things constant C. (D) normative fallacyD. (C) the fallacy of composition Loading... 9. The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the ? A. (D) socialismB. (A) self-regulating economy C. (B) government-controlled economy D. (C) command economy Loading... 10. The increase in economic integration among nations is termed as ? A. (A) specialization B. (D) equilibrium conditionC. (C) globalization D. (B) market economy Loading... Loading... Related PostsEconomics Quiz 03 Preparation OnlineEconomics Quiz 04 Preparation OnlineEconomics Quiz 01 Preparation OnlineChemistry Mega Quiz Test Online for PreparationEconomics Solved MCQs Test 01 Preparation OnlineEconomics Solved MCQs Test 02 Preparation Online Continue Reading Previous Economics Quiz 01 Preparation OnlineNext Economics Quiz 03 Preparation Online Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Δ