Explore topic-wise MCQs in Economics Mcqs.

This section includes 12 Mcqs, each offering curated multiple-choice questions to sharpen your Economics Mcqs knowledge and support exam preparation. Choose a topic below to get started.

1.

According to Weber’s thesis ?
A. Protestants disapproved of accumulating wealth
B. Protestants failed to restrict extravagance and conspicuous consumption
C. Roman Catholicism expressed its asceticism in a secular vocation
D. capitalism was most advanced in Protestant countries
Answer» E.
Discussion
2.

Which of the following is an example of a Schumpeterian innovation ?
A. An existing internet provider provides competition to two other providers in Dayton Ohlio
B. The production and marketing of the Model T Ford in the 19-teens
C. The invention of the Stanley steamer
D. An American buying a stock in the Philippines stock market
Answer» C. The invention of the Stanley steamer
Discussion
3.

Which of the following is TRUE about gender and business world ?
A. There are more women than men in U.S business because of the aspirations of U.S girls
B. There are relatively few women in U.S business partly because of female socialization
C. LDC businesswomen have a better chance than men of getting credit from bankers and suppliers
D. Businesswomen in India are viewed as naturally stronger, less emotional more socially adept and more rational than businessmen
Answer» C. LDC businesswomen have a better chance than men of getting credit from bankers and suppliers
Discussion
4.

The Protestant Ethic and the Spirit of Capitalism was written by ?
A. Adam Smith
B. Max Weber
C. Joseph Schumpeter
D. William Baumol
Answer» C. Joseph Schumpeter
Discussion
5.

Joseph Schumpeter is the exceptional economist who links the entrepreneur to ?
A. oligopolistic capitalism
B. resource management
C. innovation
D. land and labor
Answer» D. land and labor
Discussion
6.

The entrepreneur can be viewed as the ?
I- coordinator of other production resources
II- decision maker under uncertainty
III- innovator
IV- gap filler and input completer
A. I and II only
B. II and III only
C. I, II and only
D. I, II, III and IV
Answer» E.
Discussion
7.

Capitalism is an economies system ?
A. based on government intervention in the means of production
B. that originated in the United States in the 19th Century
C. Where private owners of capital make decisions based on profit
D. that dominated developing economies in the 19 Century
Answer» D. that dominated developing economies in the 19 Century
Discussion
8.

Technical advance involves ?
A. the development of pure science, invention innovation financing the innovation and the innovation’s acceptance
B. introducing new products modifying production functions creating credit and making profits
C. innovation investment credit creation and economies growth
D. patent management resource gains mature innovation and speculative gains
Answer» B. introducing new products modifying production functions creating credit and making profits
Discussion
9.

Which of the following was a socialist country ?
I- Holland
II- Soviet Union
III- China
IV- India
A. I and II only
B. II and III only
C. III and IV only
D. I and IV only
Answer» C. III and IV only
Discussion
10.

According to William Baumol under oligopolistic competition among large, high tech business firms. innovation has ?
A. created stationary economies of scale
B. maintained the relationship between firms and their clients
C. replaced price as the important
D. limited the expansion of firms
Answer» D. limited the expansion of firms
Discussion
11.

Monopoly advantage is usually the result of greater opportunities such as ?
I- access to more economic information than competitors
II- superior access to training and education
III- a lower discount of future earnings
IV- larger firm size
A. I and II only
B. II and III only
C. I, II and III only
D. I, II, III, and IV
Answer» B. II and III only
Discussion
12.

Which of the following is not an assumption of Schumpeter’s stationary state ?
A. Perfect competition
B. An economy below full employment
C. No savings or technical change
D. No entrepreneurial function is required
Answer» C. No savings or technical change
Discussion