Animals MCQ Questions and Answers Quiz

11. Capitalism refers to:

  1. the use of markets
  2. government ownership of capital goods
  3. private ownership of capital goods
  4. private ownership of homes & cars

12. There are three fundamental questions every society must answer. Which of the following is one of these questions?

  1. What goods and services are to be produced?
  2. How are the goods and services to be produced?
  3. Who will get the goods and services that are produced?
  4. All of the above

13. In the case of agriculture:

  1. the demand has shifted to the right more than the supply has shifted to the right
  2. the demand has shifted to the right less than the supply has shifted to the right
  3. the demand has shifted to the left more than the supply has shifted to the left
  4. the demand has shifted to the left less than the supply has shifted to the left

14. The agricultural price support program is an example of

  1. a price ceiling
  2. a price floor
  3. equilibrium pricing

15. If there is a price floor, there will be

  1. shortages
  2. surpluses
  3. equilibrium

16. If there is a price ceiling, there will be

  1. shortages
  2. surpluses
  3. equilibrium

17. If there is a price ceiling, which of the following is NOT likely to occur?

  1. rationing by first-come, first-served
  2. black markets
  3. gray markets
  4. sellers providing goods for free that were formerly not free

18. The goal of a pure market economy is to best meet the desires of

  1. consumers
  2. companies
  3. workers
  4. the government

19. Which of the following is a characteristic of pure monopoly?

  1. one seller of the product
  2. low barriers to entry
  3. close substitute products
  4. perfect information

20. In pure monopoly, what is the relation between the price and the marginal revenue?

  1. the price is greater than the marginal revenue
  2. the price is less than the marginal revenue
  3. there is no relation
  4. they are equal
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