economics MCQs – Page 246

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 Review each marked answer and report any item that may be outdated or unclear.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

4901. An increase in productivity should ?
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A. Lead to a shift in supply outwards (i.e more supplied at each and every price)

B. Lead to a higher equilibrium and lower equilibrium quantity

C. Lead to a contraction of supply

D. Lead to an expansion of supply

4902. If a firm wage costs increase this will cause __________ and __________?
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A. opportunity cost to increase the firm will close

B. average cost will rise output will increase ____ output and an upward shift in marginal revenue ____ output

C. marginal revenue to increase output to fall

D. marginal cost to increase, output to fall

4903. A supply curve that starts at the origin has ?
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A. A positive price elasticity of supply

B. A price elasticity of supply less than one

C. A price elasticity of supply greater than one

D. A price elasticity of supply equal to one

4904. The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is ?
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A. unitarily elastic

B. inelastic.

C. elastic

D. perfectly elastic

4905. A firm that breaks even after all economic costs are paid is earning ?
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A. Accounting profit

B. Economic profit

C. Normal profit

D. Supernormal profit

4906. Increase unemployment benefits and less incentive to work would ?
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A. shift aggregate demand to the right

B. shift aggregate supply to the right

C. shift aggregate supply to the left

D. shift aggregate demand to the left

4907. The extra utility from consuming one more unit of a good is called ?
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A. Additional utility

B. Marginal utility

C. Surplus utility

D. Bonus utility

4908. A movement along the demand curve to the left may be caused by ?
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A. a rise in the price of inputs

B. a rise in income

C. a fall in the number of substitute goods

D. a decrease in supply.

4909. The income effect of a price increase of a normal good is to ________ of that good and the substitution effect is to _________ of that good?
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A. reduce quantity demanded, increase quantity demanded

B. increase quantity demanded, reduce quantity demanded

C. reduce quantity demanded, reduce quantity demanded

D. increase quantity demanded, increases quantity demanded

4910. The price of apples falls by 5% and quantity demanded increases by 6% This means that demand is ?
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A. elastic

B. perfectly elastic

C. zero elastic

D. inelastic

4911. A shift in aggregate supply is likely to ?
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A. Reduce the general price level and increase national income

B. Reduce the general price level and reduce national income

C. Increase the general price level and reduce national income

D. Increase the general price level and increase national income

4912. The quantity demanded of Pepsi has decreased. The best explanation for this is that ?
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A. Pepsis advertising is not as effective as in the past .

B. Pepsi consumers had an increase in income.

C. The price of Pepsi increased

D. The price of Coca Cola has increased,

4913. If a product is an inferior good ?
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A. Demand in inversely related to price

B. Demand is inversely related to income

C. Demand is inversely related to the price of substitutes

D. Demand is directly related to price

4914. An upward shift in marginal cost _____ output and an upward shift in marginal revenue ______ output?
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A. reduces; increases

B. reduces; reduces

C. increases; increases

D. increases; reduces

4915. If the demand for coffee decreases as income decreases, coffee is ?
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A. a substitute good

B. a normal good

C. a complementary good

D. an inferior good

4916. Normally a demand curve will have the shape:_________?
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A. Horizontal

B. Downward Sloping

C. Vertical

D. Upward Sloping

4917. An increase in aggregate demand if aggregate supply is totally inelastic will ?
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A. decrease output and price

B. increase output but not price

C. increase price but not output

D. increase output and price

4918. Which of the following is consistent with the law of supply ?
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A. As the price of calculators rise, the quantity supplied of calculators decreases, ceteris paribus.

B. As the price of calculators calls the supply of calculators increases, ceteris paribus.

C. As the price of calculators rise, the quantity supplied of calculators increases, ceteris paribus.

D. As the price of calculators rise, the supply of calculators increases ceteris paribus.

4919. An increase in the costs of production will ?
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A. Shift demand outwards

B. Shift supply inwards

C. Shift demand inwards

D. Shift supply outwards so more is supplied at each and every price, all other things unchanged

4920. The price elasticity of supply is +4 The price increases by 15% sales were originally 200 units What will they be now ?
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A. 320 units

B. 120 units

C. 80 units

D. 60 units

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