A. they suggest relationships for explanation, allow testing of hypotheses
B. they can be used for tables, they can be graphed
C. they can be used in computers governments use them
D. they provide interesting information can be summarized
Related Mcqs:
- Which economics doctrine opposes government regulation or interference in commerce beyond the minimum necessary for a free enterprise system to operate according to its own economics laws and non-interference in affairs of others ?
A. Free market economy
B. Laissez faire also Laisser faire
C. Open market economy
D. Liberal market economy - Which of the following is a normative statement in economics ?
A. More spending by the government reduces poverty
B. Higher taxes lead to less desire to work
C. The Pakistan’s economy is growing fast relative to other SAARC members
D. The government should concentrate on reducing unemployment - In a planned or command economy, all the economics decisions are taken by the ?
A. Consumers
B. voters
C. government
D. Workers - Economics is the study of ?
A. how society manages its unlimited resource
B. how to reduce our wants until we are satisfied.
C. how to fully satisfy our unlimited wants
D. how to avoid having to make trade-offs - Normative economics Forms ________ based on ________?
A. positive statements, facts
B. opinions personal facts
C. positive statements values
D. opinions facts - The economics the central problem is ?
A. Scarcity
B. Money
C. Consumption
D. Allocation - Economics is the study of ?
A. Production technology
B. Consumption decisions
C. how society decides what how and for whom to produce
D. the best way to run society - Keynesian economics became popular because it was able to explain ?
A. stagflation in the late 1970s
B. demand-pull inflation in the 1960s
C. low growth rates in the 1950s
D. The prolonged existence of high unemployment during the Great depression - Many economics argue that resale price maintenance ?
A. has a legitimate purpose of stopping discount retailers from free riding on the services provided by full services retailers?
B. is price fixing and, therefore is prohibited by law
C. is price fixing and therefore, is prohibited by law and enhances the market power of the producer
D. enhances the market power of the producer - Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The economics profit at Naila’s pottery factory is ?
A. Rs80,000
B. Rs30,000
C. Rs75,000
D. Rs70,000
