Economics Mcqs
Which is characteristic of a strictly closed society ?

A. Estate
B. Class
C. Caste
D. Strata

Which society lacks social classes totally ?

A. The soviet union
B. China
C. The united states
D. None of the above

The most likely factor to overcome the low status of a father’s occupation is______________?

A. Education
B. Religion
C. Hard work
D. Belonging to organized crime

Rates of poverty tend to be highest among_______________?

A. Female headed households
B. Children
C. Minorities
D. All of the above

What forces prices down ?

A. Large consumer purchasing power
B. Elastic demand
C. Inelastic demand
D. Inferior products

What is meant by the public sector ?

A. The goals of the society
B. Economic activities in which the government engages for the public good
C. Economic activities in which self-interest makes for personal affluence
D. Economic activities open to the public

The price system is based on_______________?

A. A government plan
B. Tradition
C. Consumer demand
D. The command of a ruler

The circular nature of the economic process occurs from_________________?

A. Firm to firm
B. Household to firm to consumer and back again
C. Government to consumer
D. Firm to consumer

Some of the restrictions as work in a market include________________?

A. Prices of goods and services
B. Income for labor
C. Prices of resources for firms
D. All of the above