economics MCQs – Page 107

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 Review each marked answer and report any item that may be outdated or unclear.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

2121. Which of the following is Cottage Industry ?
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A. Cement

B. Sugar

C. Handicraft

D. Textile

2122. The substitution effect of a rise in the price of labour will ____ the quantity of labour and the output, effect will ____ it
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A. increase; increase

B. reduce; increase

C. increase; reduce

D. reduce; reduce

2123. Refer to Figure 1. The labour force participation rate is ?
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A. 47.1 Percent

B. 65.9 Percent

C. 70.2 Percent

D. 50.2 Percent

2124. The total amount of tax you pay divided by your total income is the ?
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A. average tax rate

B. total tax rate

C. marginal tax rate

D. proportional tax rate

2125. In the ERM, each country fixed participant Collectively the group ________ against the rest of the world?
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A. a real exchange rate, pegged

B. a real exchange rate, floated

C. a nominal exchange rate, floated

D. a purchasing power parity, pegged

2126. The value of an asset depends upon ?
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A. its scrap values

B. the present value of the future stream of income it can earn

C. the cost of loans

D. its depreciation

2127. During the fiscal year 2009-10 gross fixed capital formation or domestic investment grew by ?
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A. 9.20%

B. 11.50%

C. 19.80%

D. 10.3%

2128. If there is cyclical unemployment in the economy the government might ?
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A. Cut taxes

B. Reduce government spending

C. Increase interest rates

D. Encourage savings

2129. When did Pakistan Meteorological Department Successfully experimented artificial rainfall in Thar (Sindh) ?
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A. 15-Aug-00

B. August 3, 2000

C. 13-Jul-00

D. 15-Sep-01

2130. In Pakistan the term the poverty trap is used to describe the fact that ?
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A. poor people are excluded from most leisure and social activities

B. in the Pakistan poor people are heavily taxed

C. the Pakistan benefit system makes being poor vary degrading

D. if poor people earn more their benefits fall, making them no better off.

2131. The Faisalabad is also known as ?
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A. Little California

B. Little Manchester

C. Little England

D. Little Oxford

2132. Rank utilitarianism liberalism, and libertarianism in sequence from the political philosophy that would redistribute income the greatest to the one that would redistribute income the least?
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A. liberalism, libertarianism, utilitarianism

B. All three political philosophies argue for similar degree of income redistribution

C. utilitarianism, liberalism, libertarianism

D. libertarianism liberalism, utilarianism

E. libertariansim, utilitarianism, libertarianism

2133. The percentage of the working age population that is part of the workforce is known as the ?
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A. diligent rate

B. non-slackers

C. workers

D. participation rate

2134. If the income effect is smaller than the substitution effect, higher net wages will ?
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A. increase the supply of labour

B. have no effect on the supply of labour

C. reduce the supply of labour.

D. increase the demand for labour

2135. Supply side policies are considered effective in ?
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A. encouraging technological progress

B. increasing the money supply

C. reducing taxation

D. Increasing government expenditure

2136. The price of one countrys currency in terms of another countrys currency is the ?
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A. terms of trade

B. balance of trade

C. currency validation

D. exchange rate

2137. The long run equilibrium level of national income is the level at which ?
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A. All investment is used in the manufacturing sector

B. Economic growth is growing

C. All investment is used to maintain the existing capital stock at its current level

D. economic growth is Zero

2138. The maximin criterion suggested by Rawlss theory of justice means that the government should aim to ?
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A. Maximize the total utility of society

B. Maximize the well-being of the worst-off person in society

C. maximize the economic freedom of individuals by minimizing government interference in private decision making

D. minimize the difference between the rich and poor

E. minimize the well-being of the best-off person in society

2139. All of the following are parts of the business cycle except ?
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A. boom

B. recovery

C. acceleration

D. slump

2140. Menu costs in relation to inflation refers to ?
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A. Costs of altering price lists

B. Costs of money increasing its value

C. Costs of revaluing the currency

D. Costs of finding better rates of return

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