MGT610 Final Term Updated MCQs by VU Topper RM

Q1. Vu-Topper RM (1 marks)

Which one of the following is not a moral criteria for perfectly free markets?

1. Rights
2. Demand
3. Utility
4. Justice

Correct answer: Demand

Q2. Vu-Topper RM (1 marks)

Which theory includes means of production and selling one's labor?

1. Capitalist systems
2. Socialist system
3. Free economy system
4. None of the above

Correct answer: Capitalist systems

Q3. Vu-Topper RM (1 marks)

When there are numerous buyers and sellers, none of whom has a substantial share of the market,then such system is known as?

1. Perfect competition
2. None of the above
3. Monopoly
4. Oligopoly

Correct answer: Perfect competition

Q4. Vu-Topper RM (1 marks)

In which Year Township and village enterprises (TVEs) legalized?

1. 1974
2. 1984
3. 1994
4. 2004

Correct answer: 1984

Q5. Vu-Topper RM (1 marks)

Which of the following system have absolutely no constraints on what one can own and what one can do with it?

1. None of the given options
2. Pure free market system
3. Communitarian system
4. Command system

Correct answer: Pure free market system

Q6. Vu-Topper RM (1 marks)

How many sources of income Capitalist systems offers?

1. 5
2. 2
3. 3
4. 4

Correct answer: 3

Q7. Vu-Topper RM (1 marks)

When would the outside companies allowed to make partnership with chinese comapnies?

1. Mid-1990s
2. Mid-1970s
3. Mid-1980s
4. None of the above

Correct answer: Mid-1990s

Q8. Vu-Topper RM (1 marks)

Naturalistic Fallacy refers to:

A. Good is same as natural property

B. None of the given options C. Everything that is good it must be natural D. If something happens naturally is always good

Q9. Vu-Topper RM (1 marks)

Who wrote the book “The Wealth of Nations”?

1. John Locke
2. John Maynard Keynes
3. Adam Smith
4. Karl Marx

Correct answer: Adam Smith

Q10. Vu-Topper RM (1 marks)

Which of the following discipline argued that economic competition produce human progress and government should not intervene to impede human progress? A. Social Darwinism B. Keynesian C. Utilitarian

D. Adam Smith

Q11. Vu-Topper RM (1 marks)

Which of the following best describes the theory of 'absolute advantage'? Select the correct option A. Country A is specialized in producing product X and B in product Y. If both countries trade together, then both countries will gain. B. Strategy of businesses who always seek to gain comparative advantage over their rivals. C. Developed countries have a competitive advantage over underdeveloped countries D. None of the given options