economics MCQs – Page 249

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 Review each marked answer and report any item that may be outdated or unclear.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

4961. An example of external diseconomies is ?
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A. a new drug to cure AIDS

B. R&D in robotics

C. environmental pollution

D. scholarship for technical education

4962. In the 1980s economists studying the source of growth observed no positive relationship between information and communications technology (ICT) investments and productivity This is known as ?
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A. Stieglitz discrepancies

B. technological followership

C. Solow residual

D. productivity paradox

4963. Which of the following is True is LDCs ?
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A. Adapting existing Western technology to LDC conditions requires little creativity

B. It is cheaper to hire labor in LDC because its productivity is relatively higher than in DCs

C. Labor is usually considered the scarce factor

D. Labor is often underemployed, having a low alternative cost

4964. he efficiency wage is the ?
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A. wage rate that prevails in LDCs

B. Wage rate divided by the productivity of labor

C. wage costs per unit of output

D. marginal product of labor divided by wage

4965. Vaccinating people for measles, rubella, polio and cholera to substantially increase net social benefits by improving the health and productivity of the population is an example of ?
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A. economies of scale

B. external economies

C. net present value

D. negative externality

4966. Suppose a project results in a net stream of $200 per year for 4 years, but nothing thereafter, Assume that the discount rate is 5 percent. The discounted value of the total income stream over the 4-year period is ?
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A. 800

B. less than zero

C. 40,000

D. more than zero but less than 800

4967. James Pickett D. J. C. Forsyth, and N. S McBain on the basis of field research in Africa, concluded that business people often want to use the most advanced design without knowing that it may not be the most profitable. They attribute this attitude to ?
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A. engineering mentality

B. factor price distortions

C. maximum capital absorption

D. intermediate technology

4968. Canada France, Germany, Italy, Japan, The United Kingdom and United States are ?
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A. G-7 countries

B. countries with decreasing TFP growth since 1990s

C. countries with the lowest information technology equipment and software index prices

D. countries with highest productivity growth in the world since 1960

4969. Which of the following is not a nature public monopoly ?
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A. mobile phone

B. electricity

C. water supply

D. postal service

4970. Lack of absorptive capacity in developing countries results from ?
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A. too few innovative entrepreneurs

B. small size of infrastructure

C. unsuitable technology

D. All of the above are correct

E. inadequate government bureaucracy

4971. Which of the following is not True ?
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A. In 2001 the World information technology expenditures were about 1/20 of 1% of world gross investment

B. In 2001 internet users per 1000 people in middle income countries were greater than high income countries

C. Mobile phones do not require the massive infrastructure investment that mainline telephone require

D. In 1990 the world had 98 mainline phones and 2 mobile phones per 1,000 people: in 2001 169 mainline and 153 mobiles per 1000

4972. In the long run, expanding educational and training facilities, transportation and communication and other infrastructure in LDCs should increase ?
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A. productivity paradox

B. uncertainly

C. absorptive capacity

D. the residual

4973. 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. The existence of oligopoly

B. a natural monopoly

C. an individual firm facing a horizontal (perfectly elastic) demand curve in LDCs

D. an LDCs limit of one firm to an industry

4974. The classical view of the labor market is basically consistent with the assumption of _________ aggregate supply curve?
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A. an upward sloping

B. a vertical (or almost vertical)

C. a downward sloping

D. a horizontal (or almost horizontal)

4975. The Phillips curve indicates that there is a ?
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A. positive relationship between labor supply and the inflation rate

B. negative relationship between the inflation rate and labor demand

C. negative relationship between the inflation rate and the unemployment rate

D. positive relationship between the inflation rate and the employment the

4976. The classical model of macroeconomics assumes ?
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A. A and C

B. the economy may operate below full capacity

C. wages and prices are flexible

D. B and D

E. the economy is always at full capacity

F. wages and prices are sticky

4977. In the events of an increase in the international price of oil that encouraged the central bank to accept lower real interest rates, inflation would most likely ?
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A. remain the same

B. fluctuates

C. increase

D. fall

4978. The Keynesian model is a good guide to ____ behavior and the classical model describes behavior in ______?
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A. flexible imperfect markets

B. long run, imperfect markets

C. long run, short run

D. short-term long run

4979. The natural rate of unemployment is generally thought to be the sum of ?
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A. frictional unemployment and cyclical unemployment

B. cyclical unemployment and structural unemployment

C. frictional unemployment and structural unemployment

D. frictional unemployment and seasonal unemployment

4980. Doubts about the natural and the existences of the Phillips curve arose in the 1970s when the economy experienced ?
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A. simultaneously low rates of inflation and unemployment

B. a high rate of unemployment along with a low rate of inflation

C. simultaneously high rates of inflation and unemployment

D. a high rate of inflation: along with a low rate of unemployment

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