71. Governmental non-interference in commerce is called?
A. Free market economy
B. Laissez faire also Laisser faire
C. Open market economy
D. Liberal market economy
✅ The correct answer is option B.
Economics MCQs
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72. What is Baran’s explanation for underdevelopment in Asia, Africa, and Latin America ?
A. Monopolistic business from abroad
B. Reactionary ruling coalitions
C. Weak domestic middle class
D. All of the above
✅ The correct answer is option D.
73. Membership of the World Trade Organization for China?
A. Has been a matter of low priority for the Chinese government
B. Was achieved in the early 1950s
C. Has been opposed by a number of labor and human rights organizations in other countries
D. Has had a negligible effect on trade between China and the United States
✅ The correct answer is option C.
74. A graph showing all the combinations capital and labor available for a given total cost is the ?
A. expenditure set
B. isocost line.
C. budget constraint
D. isoquant
✅ The correct answer is option B.
75. A decrease the Price of foreign oil ?
A. Shifts the short-run Phillips curve downward and make the unemployment inflation trade-off less favorable
B. Shifts the short run Phillips curve upward and makes the unemployment inflation trade-off more favorable
C. Shifts the short run Phillips curve upward and makes the Unemployment inflation trade off more favorable
D. Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable
✅ The correct answer is option D.
76. We measure national income by this method?
A. Expenditure method
B. Income method
C. Product method
D. All of the above
✅ The correct answer is option D.
77. All of the following are trade problems of developing countries except?
A. Unstable export markets
B. Improving terms of trade
C. Limited access to the markets of industrial countries
D. Highly elastic demand curves for their products
✅ The correct answer is option B.
78. Scale for measuring the average share price and percentage change of 30 major US industrial companies is called ?
A. Nikki Index
B. NASDAQ
C. Dow Jones Index
D. Major Index
✅ The correct answer is option C.
79. According to the supply side of the vicious circle theory of development a country is poor because ?
A. Technology levels do not allow for self-sufficiency
B. It was previously too poor to save and invest
C. Underemployment is too widespread
D. Resource allocation is poor
✅ The correct answer is option B.
80. A fall in price ______ ?
A. Will cause an inward shift of the demand
B. Will cause an outward shift of the supply
C. May be caused by a fall in demand
D. Leads to a higher level of production
✅ The correct answer is option C.