Economics Quiz 02 Preparation Online Leave a Comment / Economics / By Shani Malik Economics Quiz 02 Preparation Online 1. Productive efficiency occurs when an economy cannot produce _____ of one good without producing _____ of another good. A. (D) none of theseB. (C) less, less C. (B) more, less D. (A) more, more Loading... 2. Fiscal policy consists of government’s ? A. (D) expenditure and taxationB. (C) expenditure and investment C. (A) revenue and taxation D. (B) taxation and credit control Loading... 3. The three fundamental economic problems of what, how, and for whom are solved by ? A. (B) demand B. (C) consumption C. (D) marketsD. (A) supply Loading... 4. The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the ? A. (C) command economy B. (A) self-regulating economy C. (D) socialismD. (B) government-controlled economy Loading... 5. The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called ? A. (B) the demand curve B. (A) the supply curve C. (C) production-possibility frontier D. (D) the supply-demand equilibrium Loading... 6. The three fundamental economic problems every human society must confront and resolve are ? A. (A) what, how and when B. (C) what, how, and for whom C. (B) what, where and when D. (D) how, where, and for whom Loading... 7. Which economic term is used to measure the overall performance of an economy? A. (D) HDIB. (A) GDP C. (C) Gini D. (B) GNP Loading... 8. When we assume that what is true for the part is also true for the whole, we are committing ? A. (B) failure to hold other things constant B. (D) normative fallacyC. (C) the fallacy of composition D. (A) the post hoc fallacy Loading... 9. When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called ? A. (C) the fallacy of composition B. (A) the post hoc fallacy C. (B) failure to hold other things constant D. (D) normative fallacy Loading... 10. The increase in economic integration among nations is termed as ? A. (A) specialization B. (D) equilibrium conditionC. (B) market economy D. (C) globalization Loading... Loading... Related NTS Results Post:English Grammar Quiz Online Test 01Variations and Mutations Test 01 Preparation OnlineVariations and Mutations Test 04 Preparation OnlineVariations and Mutations Test 05 Preparation OnlineVariations and Mutations Test 02 Preparation OnlineVariations and Mutations Test 03 Preparation OnlineIslamiat Mcqs Test 03 Online PreparationBiology Mcqs Test 09 Online Preparation