Economics MCQS

211. A decrease in demand for a product should:
A. Increase equilibrium price and quantity
B. Decrease equilibrium price and quantity
C. Increase equilibrium price and quantity
D. Decrease equilibrium price and quantity

212. An increase in demand for a product should:
A. Increase equilibrium price and quantity
B. Decrease equilibrium price and quantity
C. Increase equilibrium price and decrease quantity
D. Decrease equilibrium price and increase quantity

213. “Pay imbalance can be high in the unrestricted economy and ought to be decreased.” What is an illustration of?
A. Judicial economic statement
B. Positive economic statement
C. Formative economic statement
D. Normative economic statement

214. A public good will:
A. Be underprovided in the free market
B. Be overprovided in the free market
C. Not be provided in the free market
D. Has no opportunity cost

215. Federal Government may prohibit the payment of drawback on the exportation of goods or any specified goods or class of goods to any specified foreign port or territory in compliance with Section:
(A) 64
B) 65
(C) 66
(D) 67

216. Application or claim field under section 66 shall be disposed of within _ days from the date of filing of the Claim.
(A) 60
B) 90
(C) 120
(D) 160

217. All refunds have to be claimed within __ years(s).
A) 1
(B) 2
(C) 3
(D) 4

218. According to Section _ liability for the acts of an agent solely lies upon a registered person.
(A) 66
(B) 67
C) 68
(D) 69

219. Taxable goods mean all goods other than those which have been exempted under section:
(A) 11
(B) 12
C) 13
(D) 15

220. Who gave the welfare definition of Economics?
(A) Samuelson
(B) Robbins
(C) Adam Smith
D) Alfred Marshall