Economics Quiz 02 Preparation Online Shani Malik — May 22, 2018 in Economics • add comment Economics Quiz 02 Preparation Online 1. Fiscal policy consists of government’s ? A. (A) revenue and taxation B. (C) expenditure and investment C. (D) expenditure and taxationD. (B) taxation and credit control Loading... 2. The three fundamental economic problems of what, how, and for whom are solved by ? A. (C) consumption B. (A) supply C. (B) demand D. (D) markets Loading... 3. When we assume that what is true for the part is also true for the whole, we are committing ? 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... 4. 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. (B) failure to hold other things constant C. (D) normative fallacyD. (A) the post hoc fallacy Loading... 5. 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... 6. 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. (D) socialismC. (A) self-regulating economy D. (B) government-controlled economy Loading... 7. The three fundamental economic problems every human society must confront and resolve are ? A. (A) what, how and when B. (B) what, where and when C. (C) what, how, and for whom D. (D) how, where, and for whom Loading... 8. Which economic term is used to measure the overall performance of an economy? A. (D) HDIB. (B) GNP C. (A) GDP D. (C) Gini Loading... 9. The increase in economic integration among nations is termed as ? A. (C) globalization B. (B) market economy C. (A) specialization D. (D) equilibrium condition Loading... 10. The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called ? A. (A) the supply curve B. (C) production-possibility frontier C. (D) the supply-demand equilibriumD. (B) the demand curve Loading... Loading... Related NTS Results Post:Economics Quiz 04 Preparation OnlineEconomics Quiz 03 Preparation OnlineEconomics Quiz 01 Preparation OnlineEconomics and Commercial Geography Test 01…Economics and Commercial Geography Test 02…Economics Solved MCQs Test 02 Preparation OnlineEconomics Solved MCQs Test 01 Preparation OnlineEconomics and Commercial Geography Test 03…