A. versatility and flexibility
B. rationality
C. pleasure and satisfaction
D. purposefulness
Submitted by: Mansoor Ul Haque
Related Mcqs:
- 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. - 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 - 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 - 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. - If marginal utility is zero ?
A. Total utility is zero
B. An additional unit of consumption will decrease total utility
C. An additional unit of consumption will increase total utility
D. Total utility is maximized - According to the law of diminishing utility ?
A. Utility is at a maximum with the first unit
B. Increasing units of consumption increase the marginal utility
C. Marginal product will fall as more units are consumed
D. Total utility will rise at a falling rate as more units are consumed - The extra utility from consuming one more unit of a good is called ?
A. Marginal utility
B. Additional utility
C. Surplus utility
D. Bonus utility - Utilitarianism suggests that the government should choose policies that maximize the total utility of everyone in society by ?
A. redistributing income from rich to poor because this is what the members of society would choose to do if they were behind a veil of ignorance
B. redistributing income from rich to poor because due to the diminishing marginal utility of income, taking a pound from the rich reduces their utility by less than the gain in utility generated by giving a pound to the poor
C. allowing each individual to maximize their own utility without interference from the government
redistributing income from rich to poor because this would maximize the well-being of the worst-off person in society - 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. - The term ‘rent’ as it is used by economists. refers to ?
A. the return to any factor of production that is in fixed supply
B. the profit earned by the owner of any housing unit.
C. the amount paid each year by a tenant for an apartment
D. any profit earned by stockholders when they sell their stock
