economics MCQs – Page 110

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 Review each marked answer and report any item that may be outdated or unclear.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

2181. A person who regularly watches BBC television programs in the UK but fails to pay their TV licence fee is known as ?
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A. a free rider

B. an unwelcome rider

C. a common resource

D. excess baggage

E. a costly rider

2182. Real business cycles are cycles in ?
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A. real output

B. actual output

C. potential output

D. international trade

2183. Real business cycle theorists argue that _________ can explain short- and long-term fluctuation in output?
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A. intertertemporal decisions of households, firms and government

B. imperfect labor markets

C. rational expectations

D. sun spot cycles

2184. A profit maximising firm will employ labour up to the point where ?
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A. Marginal revenue = marginal product

B. Marginal revenue product = average cost of labour

C. Marginal revenue product = marginal cost of labour

D. Marginal cost = marginal product

2185. A free rider is a person who ?
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A. receives the benefits of a good but avoids paying for it.

B. fails to produce goods but is allowed to consume goods.

C. produces a good but fails to receive payment for the good

D. pays for a good but fails to receive any benefit from the good

2186. An increase in the minimum wage will cause a relatively large increase in unemployment among ?
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A. skilled workers if the demand for labour is relatively inelastic

B. skilled workers if the demand for labour is relatively elastic

C. unskilled workers if the demand for labour is relatively inelastic

D. unskilled workers if the demand for labour is relatively elastic

2187. If one persons consumption of a good diminishes other peoples use of the good, the good is said to be ?
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A. a common resource

B. rival

C. a good produced by a natural monopoly

D. excludable

2188. Guest worker programs usually result in temporary migration of workers from ?
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A. impoverished countries to impoverished countries

B. wealthy countries to impoverished countries

C. impoverished countries to wealthy countries

D. wealthy countries to wealthy countries

2189. If labour market discrimination crowds women into a limited number of occupations so that the number of occupations available to men increases, then ?
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A. wages of men will be higher but the marginal productivity of men will be lower than it otherwise would be

B. the wages of men will be lower but the marginal productivity of men will be higher than it otherwise would be

C. both the wages and the marginal productivity of men will be lower than they otherwise would be

D. both the wages and the marginal productivity of men will be higher than they otherwise would be

2190. Because peoples income vary other the life cycle and because there are transitory shocks to peoples incomes the standard measures of income distribution ?
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A. could exaggerate or understate the inequality of living standards depending on whether the transitory shocks are positive or negative

B. accurately represent the true inequality of living standards

C. understate the inequality of living standards

D. exaggerate the inequality of living standards

2191. If people can borrow and lend to perfectly smooth out their lifetime living standards, then ?
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A. life-cycle income is a good measure of the distribution of living standards.

B. none of these answers

C. transitory income is a good measure of the distribution of living standards

D. current annual income is a good measure of the distribution of living standards.

E. permanent income is a good measure of the distribution of living standards.

2192. A combined measure of productivity that takes account of both labor and capital productivity is known as ?
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A. total productivity

B. total exploitation

C. total factor productivity

D. labour/capital productivity

2193. Which of the following is an example of a common resource ?
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A. iron one

B. a firework displays

C. national defense

D. a national park

2194. A private good is ?
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A. rival but not excludable

B. not rival but excludable

C. both rival excludable

D. neither rival nor excludable

2195. Constrained choice is relevant for households ?
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A. making spending decision but not labour-supply decision.

B. making both spending and labour-supply decisions

C. considered to be poor but not for those who are considered to be rich

D. making labour-supply decisions but not spending decisions.

2196. Which of the following could result in women being paid less than men ?
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A. women preferring to work in pleasant clean safe work places

B. women obtaining less human capital because they dont plan to work continuously to the age of retirement

C. all of these answers

D. Women entering and leaving the labour force to care for children

E. customers preferring to deal with men

2197. The amount of unemployment that the economy normally experiences is known as ?
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A. cyclical unemployment

B. The natural rate of unemployment

C. frictional unemployment

D. efficiency wage unemployment

2198. If people are made unemployed because of a fall in aggregate demand this is known as ?
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A. Cyclical unemployment

B. Frictional unemployment

C. Structural unemployment

D. Seasonal unemployment

2199. A minimum wage law tends to ?
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A. Help all teenagers because they receive a higher wage than they would otherwise

B. Create more Unemployment is high-skill job markets than in low-skill job markets

C. Create more unemployment in low-skill job markets than in high-skill job markets

D. have no impact on unemployment as long as it is set above the competitive equilibrium wage

2200. The idea that the demand for car workers stems from the demand for cars is ?
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A. the value of the marginal product of auto workers.

B. indirect demand

C. output demand

D. derived demand

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