
Economics Mid Term Exam
Authored by Getahun Tolossa
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17 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of the following statements can be put under positive economics?
The government should reduce un employment rate in Ethiopia to 10%
This year's inflation rate in Ethiopia is higher in comparing with last year
We recommend the government to raise interest rate as a measure to control inflation
All
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the following can't be convenient definition of economics
Economics is the social science concerned with the efficient use of limited or scarce resources to achieve the maximum satisfaction of human material wants
Economics is a study concerned with doing the best with what we have.
Economics is the study of how best to use limited means in the pursuit of unlimited ends.
Economics is an accounting system limited to recording income and expenditure stream of a nation
None
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Red-Tapism and bureaucracy is the main problems of which type of economic system?
Mixed economic system
Command economic system
Free market economic system
All
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The two fundamental economic facts which set a base for the foundation of principle economics are
Unlimited resources but limited wants
Limited wants and limited resources
Unlimited wants but limited resources
Unlimited wants and unlimited resources
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the following is not true about the production possibility curve (PPF)
It is a curve which shows different combinations of two goods that a society can produce using current resources
As moving down the curve resources are better adapted to the production of one good
The law of increasing opportunity cost is better shown by slope of the PPF
For the points inside the PPF, resources are idle
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the opportunity cost of increasing the production A from 3 to 4?
7 units of B
11 units of B
1 unit of A
5 units of B
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A combination of 2 units of A and 12 units of B implies that the economy is _________
Operating efficiently
Operating inefficiently
On its production possibility curve
Operating outside the production possibility curve
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