MGT610 Final Term Quiz Combined

Q1. Who proposed that human beings have a "natural right" to liberty and a "natural right" to private property?

1. Alasdair MacIntyre
2. John Rawls
3. John Locke (Correct Option)
4. None of the above

Q2. In which of the following market, no buyer or seller has the power to significantly affect the price of a good?

1. None of the given options
2. Perfectly free competitive market (Correct Option)
3. Monopolistic market
4. Oligopolistic market

Q3. In which country Locke’s property rights have been influential? Options:

1. America
2. Greek
3. England (Correct Option)
4. Germany

Q4. Greater economic freedom ranking countries enjoy which of the following?

1. Both a & b (Correct Option)
2. None of the given options
3. Highest standards of living
4. Greatest degree of political freedom

Q5. Accesses to particular resources, the availability of labor are indicators of? Options:

1. Acquired advantage
2. None of the above
3. Natural advantage (Correct Option)
4. Technological advantage

Q6. Which one of the following is a component of free market systems? Options:

1. Private property system (Correct Option)
2. None of the given options
3. Involuntary exchange system
4. Command system

Q7. Who wrote the book “The Wealth of Nations”?

1. Adam Smith (Correct Option)
2. Karl Marx
3. John Maynard Keynes
4. John Locke

Q8. Which of the following discipline argued that economic competition produce human progress and government should not intervene to impede human progress?

1. Utilitarian
2. Keynesian
3. Adam Smith (Correct Option)

Q9. Which of the following is/are feature(s) of market Economy? Options:

1. All of the given options (Correct Option)
2. Free enterprise
3. Free choice
4. Price flexibility

Q10. One country can produce a good more cheaply than another and it is then said to have an "absolute advantage" in producing that good. The cost differences may be based on differences of which of the following?

1. Skills
2. Climate
3. All of the given options (Correct Option)
4. Labor cost