economics MCQs – Page 2

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 Review each marked answer and report any item that may be outdated or unclear.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

21. Time series data show information ?
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A. about different variables over different places

B. about the same point in time over different places

C. about different points in time over the same variable

D. about different points in time over different places

22. For Economics category a first Nobel prize was given in____________?
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A. 1968

B. 1901

C. 1969

D. 945

23. In a free market?
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A. government interferes

B. government intervenes

C. government plan production

D. Prices adjust to reconcile scarcity and desires

24. The study of inflation is part of ?
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A. macroeconomics.

B. descriptive economics

C. microeconomics

D. normative economics

25. Account is format banking, brokerage or business relationship established to provide for regular services. dealings and other financial transactions. Which of the following phenomenon(s) are also referred by term, Account ?
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A. Money deposited for checking savings or breakage use

B. All of these

C. A precise list or enumeration of financial transactions

D. A customer having business or credit relationship with a firm

26. The total demand for goods and services in an economy is known as_____________?
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A. national demand.

B. aggregate demand

C. economy-wide demand

D. gross national product.

27. Which of the following is a normative statement in economics ?
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A. Higher taxes lead to less desire to work

B. More spending by the government reduces poverty

C. The government should concentrate on reducing unemployment

D. The Pakistans economy is growing fast relative to other SAARC members

28. A straight-line diagram can be drawn knowing the ________ and ________?
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A. intercept and slope

B. scale and slope

C. vertical axis and horizontal axis

D. intercept and scale

29. Aggregate supply is the total amount ?
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A. of products produced by a given industry.

B. Produced by the government.

C. of labor supplied by all households.

D. of goods and services produced in an economy.

30. When economists say that people act rationally in their self interest, they mean that individuals _______?
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A. look for and pursue opportunities to increase their utility

B. are unpredictable

C. generally disregard the interests of others

D. are mainly creatures of habit

31. Which of the following involves a trade off ?
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A. Going to university

B. All of these answers involve trade-offs

C. Taking a nap

D. Watching a football game on Saturday afternoon

32. If marginal benefit is greater than marginal cost, a rational choice involves ?
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A. no more of the activity.

B. more or less, depending on the benefits of other activities

C. more of the activity

D. less of the activity

33. The sacrifice involved when you choose a particular course of action is called the ?
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A. Producer cost

B. Opportunity cost

C. Consumer cost

D. Alternative

34. The public sector includes ?
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A. Government ownership of assets

B. Market forces of supply and demand

C. Investors owning companies

D. All trade via barter

35. A demand curve can shift because changing ?
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A. incomes

B. prices of related goods

C. tastes

D. all of the above

36. A recession is ?
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A. a period during which aggregate output declines.

B. a period of very rapidly declining prices.

C. a period of declining prices.

D. a period of declining unemployment

37. Workers in Western Europe enjoy a high standard of living because ?
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A. Workers in the united states are highly productive

B. none of these answers.

C. the countries of Western Europe have set high minimum wage rates.

D. The countries of Western Europe have protected their industries from foreign corporation

E. Unions in Western Europe keep the wage high

38. When we know the quantity of a product that buyers wish to purchase at each possible price we know_____________?
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A. Excess supply

B. Excess demand

C. Demand

D. Supply

39. In a command (planned) economy ?
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A. The price mechanism acts as an incentive

B. Individual firms make decisions for themselves about what to produce and how to produce it

C. The public sector is large

D. Resources are allocated by market forces

40. When entering a building, Asim diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:
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A. marginal benefit-marginal cost analysis

B. a lazy person

C. irrational behavior

D. programmed learning

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