economics MCQs – Page 248

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 Review each marked answer and report any item that may be outdated or unclear.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

4941. What effect is working when the price of a good falls and consumers tend to buy it instead of other goods ?
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A. The income effect

B. The diminishing marginal utility effect.

C. The ceteris paribus effect

D. The substitution effect

4942. Market equilibrium exists when _________ at the prevailing price?
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A. quantity demanded equals quantity supplied

B. quantity demanded is less than quantity supplied

C. quantity supplied is greater than quantity demanded

D. quantity demanded is greater than quantity supplied

4943. The price of computer chips used in the manufacture of personal computers has fallen. This will lead to _________ personal computer?
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A. an increase in the supply of

B. a decrease in the supply of

C. an increase in the quantity supplied of

D. a decrease in the quantity supplied of

4944. A contraction in supply occurs when ?
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A. The quantity supplied falls when the price falls

B. The supply curve shifts outwards

C. The supply curve shifts inwards

D. Demand shifts outwards

4945. Which best describes a demand curve ?
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A. The quantity consumers are willing and able to buy at each and every income all other things unchanged

B. the quantity consumers would like to buy in an ideal world

C. The quantity consumers are willing and able to buy each and every price all other things changed

D. The quantity consumers are willing to sell

4946. Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are ?
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A. substitutes.

B. perfect substitutes

C. complements

D. unrelated goods.

4947. If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?
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A. -0.25

B. 0.25

C. -4

D. 4

4948. Demand curves are derived while holding constant ?
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A. incomes, tastes, and the price of other goods.

B. tastes and the price of other goods

C. income, tastes, and the price of the good.

D. income and tastes

4949. Price increases from 10 to 12 pence and the price elasticity of demand is -0.5 The quantity demanded was 500 units. What will it be now ?
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A. 450 units

B. 500 units

C. 490 units

D. 550 units

4950. Which best describes a supply curve ?
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A. The quantity producers are willing and able to sell at each and every price all other things unchanged

B. The quantity producers are willing and able to sell at each and every income all other things unchanged

C. The quantity producers are willing and able to sell at each and every point in time all other things unchanged

D. The quantity consumers would like to buy in an ideal world

4951. If the price elasticity of demand is unit then a fall in price ?
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A. Leaves revenue unchanged

B. Increase revenue

C. Reduces costs

D. Reduces revenue

4952. Supply is likely to be more price elastic ?
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A. If it is easy to expand output

B. If factors of production are relatively immobile between industries

C. In the short run rather than the long run

D. If there are very few producers

4953. An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is ?
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A. +0.5

B. 2

C. -2

D. -0.5

4954. 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. perfectly elastic

B. inelastic.

C. elastic

D. unitarily elastic

4955. For an inferior good ?
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A. The price elasticity of demand is negative: the income elasticity of demand is negative

B. The price elasticity of demand is negative the income elasticity of demand is positive

C. The price elasticity of demand is positive the income elasticity of demand is negative

D. The price elasticity of demand is positive the income elasticity of demand is positive

4956. The law of demand implies that ?
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A. as prices rise, quantity demanded increases

B. as prices fall, quantity demanded increase

C. as prices rise, demand decrease

D. as prices fall demand increases

4957. If marginal utility is zero ?
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A. Total utility is maximized

B. An additional unit of consumption will increase total utility

C. Total utility is zero

D. An additional unit of consumption will decrease total utility

4958. Which of the following will NOT cause a shift in the demand curve for compact discs ?
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A. A change in wealth

B. A change in income.

C. A change in the price of compact discs

D. hange in the price of pre-recorded cassette tapes

4959. You can see the computer age everywhere but, in the productivity, statistics is a attributed to which economist ?
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A. Theodore W. Schultz

B. Dale Jorgenson

C. Robert Solow

D. Joseph Stieglitz

4960. Market price adjusted to consider differences between social cost-benefit and private cost-benefit calculations are ?
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A. shadow prices

B. price distortions

C. consumer surplus

D. exchange rates

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