economics MCQs – Page 142

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 Review each marked answer and report any item that may be outdated or unclear.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

2821. If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ?
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A. income inelastic

B. price inelastic

C. unit price elastic

D. price elastic

2822. Increases in real GNP per capita occur when ?
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A. government programs direct resources away from investment goods to consumer goods.

B. the rate of growth of real GNP is greater than the rate of growth of population

C. tariffs and quotas prevent dollars from leaving the country

D. the level of consumption expenditures rises relative to the level of saving

2823. Clientelism ?
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A. #NAME?

B. is also known as patrimonialism

C. is the dominant pattern in many LDCs

D. commands equals wealth, status or influence, based on unconditional loyalties and involving mutual benefits

2824. Keiretsu refers to ?
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A. financial cliques

B. State-assisted entrepreneurs

C. horizontal manufacturing groups consisting of a core company and its partners

D. groups of affiliated companies loosely organized around a large bank

2825. The openly unemployed in LDCs are usually from all of the following except ?
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A. the educated

B. persons 15 to 24 years old

C. residents of urban areas

D. from the poorest 1/5 of the population

2826. If leisure is a normal good, an increase in the wage ?
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A. will increase the amount of labor supplied if the substitution effect outweighs the income effect

B. will always decrease the amount of labor supplied

C. will always increase the quantity of labor supplied

D. will increase the amount of labor supplied if the income effect outweighs the substitution effect

2827. Which one of the following countries is not a high-income country ?
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A. Canada

B. United Kingdom

C. Mexico

D. Germany

2828. Refer to Exhibit 4. Suppose that the consumer must choose between buying socks and belts Also suppose that the consumers income is 100 If the price of a belt is 10 and the price of a pair of socks is 5, the consumer will choose to buy the commodity bundle represented b point ?
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A. the optimal point cannot be determined from this graph

B. Z

C. X

D. Y

2829. If the EU imposes a quota on the importing of clothing produced in China, so reducing UK imports of clothing, which of the following is true regarding UK net exports ?
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A. None of these answers

B. Net exports will rise

C. Net exports will fall

D. Net exports will remain unchanged

2830. An export subsidy should have the opposite effect of ?
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A. An increase in Private saving

B. Capital flight

C. A tariff

D. A government budget deficit

2831. If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?
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A. perfectly elastic

B. perfectly inelastic

C. downward sloping

D. upward sloping

2832. In a competitive economy, a worker earns an income equivalent to ?
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A. The amount of brain drain

B. Marginal Product

C. The substitutability of labor to capital

D. Marginal utility

2833. A case when internal economies of scale bring about a continuously falling average cost curve that makes having more than one firm in an industry inefficient is illustrative of ?
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A. an individual firm facing a horizontal (perfectly elastic) demand curve in LDCs

B. a natural monopoly

C. The existence of oligopoly

D. an LDCs limit of one firm to an industry

2834. An increase in the Pakistans government budget deficit ?
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A. decreases Pakistans net exports and increase Pakistans net capital outflow

B. Increase Pakistans net exports and decrease Pakistans net capital outflow

C. Increase Pakistans net exports and Pakistans net capital outflow the same amount

D. decreases Pakistans net exports and Pakistans net Capital outflow the Pakistans same amount

2835. Which of the following is not a requirement for economic development ?
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A. an adequate capital bases

B. a temperate climate

C. technological advance

D. natural resources

2836. If in Pakistan real GDP/person in 2004 is Rs18,073 and real GDP/person is 2005 is Rs18,635 What is the growth rate of real output per person over this period ?
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A. 18.0 percent

B. 3.1 percent

C. 3.0 percent

D. 18.6 percent

2837. For perfect competition to work there must be ?
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A. a standard product

B. perfect information

C. many buyers and sellers

D. free entry and exit

E. all of the above

2838. Deepak Lal argues that development economics is dominated by _______ approach that favors government intervention into LDC prices?
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A. Commanding heights

B. dirigiste

C. soft budget

D. Keynesian

2839. Worker-managed socialism helped contribute to ________ s rapid economic growth from 1959 to 1979?
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A. Vietnam

B. Yugoslavia

C. Chile

D. Japan

2840. The main reason why land reform increase agricultural output is that is ?
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A. enables farmers to escape the problem of diminishing return

B. encourages mechanization

C. makes farmers owners of the land instead of tenants and owners farmers are more productive than tenant farmers

D. allows the farmers to set the prices for their agricultural products

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