A. Boys as young as 8 years old tend or herd animals, weed pick and sell produce
B. Children place more economic demands on a peasant family than an urban family
C. Major financial security is usually provided by sons
D. The cost of education entertainment and travel is low
Related Mcqs:
- Form society’s point of view, society would be better off if a monopolist ?
A. produced less and charged a higher price
B. produced more and charged a higher price
C. produced more and charged a lower price
D. produced less and charged a lower price. - Two or more nuclear families of parent(s) and children is known as ?
A. dual family
B. institutional family
C. extended family
D. two-tier family tree - A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?
A. capital consumption frontier.
B. Lorenz curve.
C. Circular-flow diagram.
D. Production possibility curve. - If goods are exported for less than society’s marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from?
A. an import subsidy
B. a quota
C. comparative advantage
D. an export subsidy - A set of alternative commodity bundles that a person can command in a society using the totality of rights and opportunities that he possesses is known as ?
A. Production possibilities
B. entitlement
C. income distribution
D. egalitarianism - An independent assessment of the impact of firm’s activities on society is called a ?
A. Financial audit
B. Balance sheet
C. Profit and loss account
D. Social audit - If PX > MCX, society gains by ?
A. raising the price of X.
B. production less X
C. Producing more X
D. Increasing the cost of producing X - The total cost to society of producing an additional unit of a good or service is the ?
A. marginal damage cost
B. marginal social cost
C. marginal private cost
D. marginal external cost - The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ?
A. variable cost of producing the good
B. average cost of producing the good
C. marginal cost of producing the good
D. total cost of producing the good - 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
