Free Microeconomics MCQs with Answers

• A. are differences of vantage point
• B. are a matter of stress?
• C. consist of the examination of various facets of a social universe
• D. all of the above

Explanation: Social-science disciplines often differ mainly in their vantage point, emphasis, and the facet of the social universe they examine.

• A. it is body of knowledge organized in a logical manner
• B. it is not concerned with the method of acquiring knowledge
• C. id does not include the method of investigation
• D. its content is more important than its method

Explanation: Science includes both an organized body of knowledge and systematic methods for acquiring and testing that knowledge.

• A. scientific investigation
• B. speculation
• C. inspiration
• D. measurement

Explanation: Before modern scientific research developed, explanations of social relationships were mainly based on speculation, tradition, or opinion…

• A. Generalization
• B. Developing a research design
• C. Data analysis
• D. Replication

Explanation: After stating a hypothesis, the researcher must plan how to test it by selecting subjects, variables, procedures, and methods of…

• A. precision
• B. taking nothing for granted
• C. eliminating bias
• D. repeating observations

Explanation: Objectivity requires minimizing personal preferences, expectations, and prejudice in observing and interpreting evidence, which is why it…

• A. sample survey
• B. participant observation
• C. statistical survey
• D. experiment

Explanation: Participant observation involves joining a community or group while observing its behavior and practices from within.

• A. an entire population
• B. a statistically valid section of a population
• C. eating samples at various supermarkets
• D. asking people who walk by to fill out naires

Explanation: A sample survey studies a properly selected, statistically representative section of a larger population.

• A. theories
• B. concepts
• C. scientific laws
• D. generalization

Explanation: Social sciences develop concepts, theories, and generalizations, but human behavior is influenced by context and is less predictable than…

• A. suicide
• B. mental illness
• C. sex
• D. all of the above

Explanation: Durkheim’s classic study Suicide showed how an apparently personal act could be explained through social forces and patterns.

• A. its primary concern is to record events of the past
• B. historians do not use computers
• C. it does not study people
• D. it is not based on evidence

Explanation: History mainly reconstructs and records past events, whereas social sciences generally analyse social relationships and institutions…

• A. production of goods and services
• B. consumption of goods and services
• C. distribution of goods and services
• D. all of the above

Explanation: Economics examines how scarce resources are used in production, how goods and services are distributed, and how they are consumed.

• A. eliminated social classes
• B. made all social classes equal
• C. created a class of industrial workers
• D. none of the above

Explanation: Industrialisation produced factories and a new wage-earning working class, commonly called the industrial proletariat.

• A. selecting and defining a topic
• B. verifying a hypothesis
• C. analyzing data
• D. replicating an experiment

Explanation: An investigation begins by selecting a research topic and defining its scope and question.

• A. controlled conditions
• B. precision
• C. organization of the data
• D. all of the above

Explanation: Reliable scientific observation requires controlled conditions where possible, precise measurement and systematic organisation of…

• A. change the nature of the physical environment
• B. adapt to the environment
• C. take over the environment
• D. regulate the environment

Explanation: Manipulating social arrangements, institutions and relationships helps people respond to conditions and fit their conduct to the…

• A. a case studies
• B. participant observation
• C. sample survey
• D. laboratory experiment

Explanation: A case study is an intensive investigation of one person, group, institution or other social unit.

• A. rules for behavior
• B. social philosophy
• C. systematic and methodical study
• D. study of individual behavior

Explanation: Social sciences are defined by the systematic and methodical study of society, social relationships and human behaviour.

• A. an implicit or social contract
• B. a relative-wage contract
• C. employment at will
• D. an explicit contract

Explanation: An implicit or social contract is an unspoken understanding that workers expect wages not to be reduced arbitrarily, even when no written…

• A. cope with unforeseen changes
• B. maximize growth.
• C. minimize conflict within the firm
• D. both options one and three

Explanation: Organizational slack gives a firm a cushion to absorb unforeseen changes and reduces internal conflict by allowing different groups some…

• A. To increase competition
• B. To reduce uncertainty
• C. To achieve faster growth
• D. To achieve economies of scale

Explanation: Firms generally merge to reduce uncertainty, grow faster, or obtain economies of scale, while increasing competition is not a normal…