According to Emerson: “Want is a growing giant whom the coat of Have was never large enough to cover.” According to economists, “Want” exceeds “Have” because:

Related Mcqs:

1. A group of economists argue that the real problem with the economy is high rates of taxation and heavy regulation that reduce the incentives to work, save and invest. These economists are?

   A. Supply-side economics
   B. neo-Keynesian economists
   C. rational-expectations economists.
   D. new classical economists.

2. A group of economists argue that the real problem with the economy is high rates of taxation and heavy regulation that reduce the incentives to work save and invest these economists are ?

   A. supply side economists
   B. neo-Keynesian economists
   C. rational -expectations economists
   D. New classical economists

3. Suppose two economists are arguing about policies that deal with unemployment. One economist says. The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars the other economist responds Nonsense and poppycock! If the government spent an additional 50 billion dollars it would reduce unemployment by only one tenth of one percent. and that effect would only be temporary! These economists ?

   A. None of these answers
   B. Disagree because they have different scientific judgments
   C. really don’t disagree at all. It just appears that they disagree
   D. disagree because they have different values

4. Suppose two economists are arguing about policies that deal with unemployment One economist says the government should fight unemployment because it is the greatest social evil The other economist response Nonsense Inflation is the greatest social evil These economists ?

   A. really don’t disagree at all It just appears that they disagree.
   B. disagree because they have different values.
   C. none of these answers.
   D. disagree because they have different scientific judgments.

5. When supply exceeds demand, sellers must lower prices to stimulate sales, when demand exceeds supply, prices increase as buyers compete to buy goods. What this theory is called in economics?

   A. Cost push theory
   B. Supply and Demand theory
   C. Fundamental theory
   D. Ricardo’s theory

6. According to economists, economic self-interest:

   A. is a reality that underlies economic behavior
   B. has the same meaning as selfishness
   C. is more characteristic of men than of women
   D. is usually self-defeating

   Submitted by: Mansoor Ul Haque

7. According to the classical economists, the only gainers from growth would be ?

   A. landlords
   B. peasants
   C. The army
   D. politicians

8. According to Supply-side economists. if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest ?

   A. aggregate supply will increase will increase aggregate demand will decrease and the price level will decrease
   B. aggregate supply will increase will increase aggregate output will increase and the price level will decrease
   C. aggregate supply will increase will increase aggregate output will increase and the price level will increase
   D. both aggregate supply and demand will increase will increase and the price level will increase

9. According to the classical economists the economy ?

   A. requires fine tuning to reach full employment
   B. can never deviate from full employment
   C. will never be at full employment
   D. is self-correcting.

10. According to the classical economists, those who are not working ?

    A. have chosen not to work at the market wage
    B. have given up looking for a job but would accept a job at the current wage if one were offered to them.
    C. are too productive to be hired at the current wage
    D. are unable to find a job at the current wage rate