Q 1: Which of the following is the primary goal of an economy? Select one: a. Ma

ID: 2439963 • Letter: Q

Question

Q 1: Which of the following is the primary goal of an economy?

Select one:

a. Maximizing economic growth

b. Minimizing unemployment

c. Minimizing the effects of scarcity

d. Maximizing GDP

e. Minimizing the national debt

Q 2: One of the problems in paying subsidies to the poor is that

Select one:

a. it may reduce incentives to work.

b. the poor will not spend it on the right things.

c. it will cause inflation.

d. it will require a cutback in the farm price support programs.

e. none of the choices.

Q 3: China can be best described as a

Select one:

a. transitional economy.

b. competitive economy.

c. market economy.

d. monopoly economy.

e. mixed economy.

Q 4: Education could be considered a semi-private good, since

Select one:

a. there are spillover benefits to other members of society resulting from the education of a child.

b. education of the population improves everyone's lives since it results in greater productivity and income for all members of society.

c. there are benefits to society from education, since it reduces the crime rate.

d. education produces positive externalities to society.

e. all of the choices.

Ans

1 maximizing economic growth because it leads to all other desired things like less unemployment

2 it may reduce incentives to work as people can live even without earning much

3 mixed economy because here both private and govt sectors coexist

4 all of the choices are right

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