Economics study desk with supply and demand curves, scales and an economic city model

Subject practice

economics MCQs

Practise multiple-choice questions from economics for competitive examinations and subject revision. Review each marked answer and report any item that may be outdated or unclear.

economics Mcqs

1. the national economy 2. profit maximizing under perfect competition and monopoly 3. application of economics 4. the aggregate demand aggregate supply model 5. surplus 6. money interest rates and output 7. average and total cost 8. stabilization adjustment reform and privatization 9. risks and diversification efficient market hypothesis 10. the phillips curve 11. supply and demand 12. capital formation investment choice information technology and technical progress 13. aggregate supply unemployment and inflation 14. elasticity 15. comparative gdp 16. roots of modern macroeconomics 17. production factors 18. poverty malnutrition and income inequality 19. trade regulations and industrial policies 20. monetary union 21. exchange rate systems and currency crises 22. economic development in historical perspective 23. exchange rate determination 24. monopoly competition 25. the balance of payments 26. inflation productivity 27. macroeconomic issues and analysis 28. employment migration and urbanization 29. macroeconomic policy tools 30. supply side policies 31. exchange rate adjustments and the balance of 32. miscellaneous 33. taxation 34. trade policies for the developing nations 35. markets efficiency and the public interest 36. the external debt and financial crises 37. budget deficits and the trade balance 38. alternative theories of the firm 39. public goods 40. the meaning and measurement of economic development 41. characteristics and institutions of developing countries 42. agriculture irrigation system of pakistan 43. education health and human capital 44. economic problems of developing countries 45. theories of economic development 46. basic of economics 47. consumer theory vs real consumers 48. applied microeconomics 49. long term economic growth 50. externality internality 51. fiscal and monetary policy 52. prices wages taxes 53. balance of payments aid and foreign investment 54. international factor movements and multinational corporations 55. entrepreneurship organization and innovation 56. the international economy and globalization 57. population and development 58. non tariff trade barriers 59. foundations of modern trade theory 60. global economic development 61. market 62. rural poverty and agricultural transformation 63. regional trading arrangements 64. foreign exchange 65. introduction to economics 66. world economy miscellaneous 67. sources of comparative advantage 68. natural resources and the environment toward sustainable development 69. monopoly 70. asymmetric information 71. income inequality 72. labour market 73. tariffs 74. development planning and policy making the state and the market 75. oligopoly 76. industrial development 77. costs supply and perfect competition 78. human capital 79. monetary fiscal and incomes policy and inflation 80. stocks

1. According to Emerson: Want is a growing giant whom the coat of Have was never large enough to cover. According to economists, Want exceeds Have because:
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A. human beings are inherently insecure

B. people are greedy

C. productive resources are limited

D. people are irrational

2. The economics the central problem is ?
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A. Money

B. Consumption

C. Allocation

D. Scarcity

3. According to economists, economic self-interest:
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A. is a reality that underlies economic behavior

B. is more characteristic of men than of women

C. is usually self-defeating

D. has the same meaning as selfishness

4. In a free market system, the amount of goods and services that any one household gets depends upon its ?
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A. wealth

B. wage and interest income

C. income

D. income and wealth

5. For economists, the word utility means:
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A. versatility and flexibility

B. rationality

C. pleasure and satisfaction

D. purposefulness

6. Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?
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A. nothing because you found the money.

B. None of these

C. Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.

D. Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.

E. Rs20 (because you could have used the Rs20 to buy other ghings)

7. A market can accurately be described as_________________?
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A. a place to sell things

B. a place to buy things

C. the process by which prices adjust to reconcile the allocation of resources

D. a place where buyers and sellers meet

8. Normative economics Forms ________ based on ________?
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A. opinions personal facts

B. positive statements values

C. positive statements, facts

D. opinions facts

9. A stock that sells at a high price because of public confidence in its long record of steady earnings is called ?
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A. All of these

B. Blue chip

C. Blue Chipper

D. An extremely valuable asset or property

10. Which one of the following is a normative statement ?
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A. Inflation is rising

B. The proportion of peoples income paid in taxes is higher under this government than under the previous one.

C. The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent

D. Inequality in the distribution of income is a more serious problem than unemployment

11. Foreign trade ?
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A. None of these

B. allows a country to have a greater variety of products at a lower cost than if it tried to produce everything to home.

C. increase the scarcity of resources.

D. makes a country more equitable.

12. A supply curve is directly affected by ?
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A. technology

B. government regulation

C. input costs

D. all of the above

13. Resources in an economy ?
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A. Are always found

B. Can never decease

C. Always increase over time

D. Are limited at any moment in time

14. Who is called the father of Economics?
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A. J.P Kense

B. Mankew

C. David Ricordo

D. Adam Smith

15. On a graph, a positive linear relationship___________________?
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A. moves up to the left

B. moves down to the left

C. moves up to the right

D. moves down to the right

16. If you income during one year is Rs10,000 and the following year it is Rs12,000 then it has grown by ________________?
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A. 20%

B. 16%

C. 2%

D. 12%

17. The free market involves ?
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A. All trade via barter

B. Market forces of supply and demand

C. The free provision of products

D. The Subsidizing of products by the government

18. Macroeconomics is the study of ?
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A. individual building blocks in the economy

B. the relationship between different sectors on the economy

C. the economy as a whole

D. household purchase decisions

19. A real value can be derived from a nominal value by ?
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A. adjusting for data collection errors

B. adjusting or changes in prices

C. adjusting for changes over time

D. adjusting for population changes

20. ________ and ___________ do not directly affect the demand curve ?
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A. the costs of production bank opening hours

B. the price of related goods preferences

C. consumer incomes, tastes

D. the price of related goods consumer income

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