Circular Flow Diagram MCQs with Answers PDF Download – Test 94

MCQ 466: There are two types of market, like:

1. normal and abnormal
2. good/services and FOP
3. oligopoly and monopoly
4. free and monopoly

MCQ 467: A theory that seeks to explain changes in the pattern of international trade over time and that is based on a dynamic sequence of technological and product innovation and diffusion is known as:

1. technological gap theory
2. diseconomies of scale
3. economies of scale
4. laissez faire theorem

MCQ 468: The good that has positive coefficient of income elasticity of demand but is less than one is known as:

1. inferior good
2. normal good
3. luxurious good
4. bad good

MCQ 469: A distribution referred to as a distribution in specie, is a payment made in the form of securities or other property rather than in cash is known as:

1. transfer payments
2. in-kind transfers
3. speculative payments
4. dividend payment

MCQ 470: The situation that refers to differences in productivity of nations is known as:

1. absolute advantage
2. comparative advantage
3. absolute disadvantage
4. comparative disadvantage