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Quiz No. 02, Jun 24 to Jun 28, 2016

Here goes my 2nd Quiz.

By Juste

I have only saved the MCQ'S and my answers, didn't saved other options. Verify all answers yourself. Please share your quizzes as well.


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Which of the following is NOT true for monopoly?

Differentiated products

Freedom of entry and exit

Firm is a price taker

*One main seller

 

The earliest statement of the principle of comparative advantage is associated with:

Adam Smith

*David Ricardo

Eli Heckscher

Bertil Ohlin

 

In a command economy, all decisions are taken by the:

People

*Government

Voters

Workers

 

Which of the following is included in virtue?

Benevolence

Moderation

Tolerance

*All of the above

 

Which one of the following is not included in virtue?

Benevolence

Self-control

Compassion

*Compensation

 

Which markets embody sense of justice?

Mixed markets

Liberal markets

*Free markets

None of the above

 

Which of the following economic principle is first posted by Adam Smith to describe that the greatest benefit to a society is brought about by individuals in the pursuit of their own self-interest?

Free trade

Economic freedom

Positive sum game

*Invisible hand

 

ABC Company has a monopoly on bottled water sales in Karachi. If the price of tap water increases, the profit of the company will:

*Increase

Decrease

Remains the same

May increase or decrease

 

How many values capitalistic justice has?

Two

Three

*Four

None of the above

 

In the Nicomachean Ethics, Aristotle argued that ethics enables us to?

*Live the good life and that the good life is possible only for virtuous persons.

Provide the best working conditions

Provide equal opportunity of development

None of the above

 

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