economics MCQs – Page 136

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 Review each marked answer and report any item that may be outdated or unclear.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

2701. The low-income economies generally have the following except ?
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A. a per capital GNP of more than $900

B. deficient infrastructures

C. low life expectancies

D. low savings

2702. Which of the following statements about trade policy is true ?
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A. A restrictive imports quota increases a countrys net exports

B. A countrys trade policy has no impact on the size of its trade balance

C. None of these answers

D. A restrictive import quota decreases a countrys net exports

2703. In low-income countries the average agricultural family produces a surplus ?
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A. of zero

B. large enough of feed five other families

C. enough to supply only a small nonagricultural population

D. large enough to feed 25 other families

2704. In a competitive industry each buyer and seller ?
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A. Producer different products

B. is a price taker

C. Prevents the entry of competitors

D. Believes that can influence price

2705. An increase in the government budget deficit ?
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A. has no impact on the real interest rate and fails to crowed out investment

B. Increases the real interest rate and crowds out investment

C. None of these answers

D. decreases the real interest rate and crowds out investment

2706. The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve ?
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A. When they are declining

B. When they are increasing

C. At their lowest points

D. When marginal revenue is zero

2707. When a national has very little GDP per person ?
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A. an increase in capital will likely have little impact on output

B. it has the potential to grow relatively quickly due to the catch-up-effect

C. none of these answers

D. It must be a small nation.

E. it is doomed to being relatively poor forever

2708. The long-run market supply curve ?
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A. is always more elastic than the short-run market supply curve.

B. is always perfectly elastic

C. is always less elastic than the short-run market supply curve

D. has the same elasticity as the short run market supply curve

2709. A change in the relative prices of which of the following pair of goods would likely cause the smallest substitution effect ?
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A. petrol from BP and petrol from shell

B. coke and Pepsi

C. kit-Kat chocolate snacks and Twix chocolate snacks

D. right shoes and left shoes

2710. The change in consumption that results when a price change moves the consumer along a given indifference curve is known as the ?
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A. income effect

B. inferior effect

C. complementary effect

D. normal effect

E. substitution effect

2711. The policy that has been the most successful in increasing agricultural output in developing countries is ?
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A. import substitution

B. land reform

C. mechanization

D. produce marketing boards

2712. Dual economies are countries ?
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A. with a modern manufacturing sector as well as traditional agriculture sector

B. with foreign owned and domestically owned capital

C. that specialize in labor intensive products more than capital intensive products

D. with double capital and labor/

2713. In the long-run some firms will exit the market if the price of the good offered for sale is less than ?
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A. average total cost

B. marginal revenue

C. marginal cost

D. average revenue

2714. Based on the 2010 population survey four of the five most populous countries include ?
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A. Russia, Pakistan Bangladesh and Nigeria

B. Russia, China, India, and South Africa

C. China, India, Indonesia, and Brazil

D. China, Russia, Mexico, and Indonesia

2715. Which of the following best describes the rate of growth in productivity in the United states over the last fifty years ?
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A. Productivity has been growing more slowly every decade since world War II

B. Productivity growth has been steady over the last 50 years

C. Productivity grew slowly from the 1950s through the 1970s and then began to accelerate probably due to advances in computer technology

D. Productivity grew quickly in the 1950s and 1960s more slowly from the early 1970s through 1995 and then quickly again

2716. Which of the following describes an increase in technological knowledge ?
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A. A farmer sends his child to agricultural college and the child returns to work on the farm

B. A farmer hires another day laborer

C. A farmer discovers that it is better to plant in the spring rather than in the fall

D. A farmer buys another tractor

2717. In marketing USP stands for ?
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A. Underlying Sales Proposition

B. Unique Selling Proposition

C. Unit Sales Point

D. Under Sales Procedure

2718. Goals are achieved through ____ such a monetary fiscal, exchange rate tariff tax subsidy, business incentive foreign investment and foreign aid?
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A. central planning

B. indicative plan

C. instrument variables

D. central bank policies

2719. Asian tigers or newly industrializing countries (NICs) of East and Southeast Asia include the following except ?
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A. China

B. Singapore

C. South Korea

D. Taiwan

2720. Which of the following statements is true ?
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A. Countries all have the same growth rate and level of output because any country can obtain the same factors of production

B. Countries have great variance in both the level and growth rate of GDP/person thus poor countries can become relatively rich over time

C. Countries may have different level of GDP/person but they all grow at the same reate

D. Countries may have a different growth rate but they all have the same level of GDP/person

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