economics MCQs – Page 251

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 Review each marked answer and report any item that may be outdated or unclear.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

5001. The Short run Phillips curve can shift in response to changes in ?
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A. wage rates

B. unemployment

C. the inflation rates

D. Inflationary expectations

5002. A person who is made redundant because of the contraction of an industry is a victim of ?
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A. structural unemployment

B. demand-deficient unemployment

C. classical unemployment

D. frictional unemployment

5003. The expectations augmented Phillips curve was the Work of which group of economists ?
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A. Monetarists

B. Keynesian.

C. New classical economists

D. Marxists.

5004. In the classical model, potential output cannot be increased by ?
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A. better technology

B. higher labor supply

C. more capital

D. monetary growth

5005. The relative-wage explanation for the existence of downwardly sticky wages emphasizes ?
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A. unspoken agreements between workers and firms that firms will not cut wages

B. the contention that workers in one industry may be unwilling to accept a wage cut unless they know that workers in other industries are receiving similar cuts

C. employment contracts that stipulate workers wages usually for a period of one to three years

D. the incentive that firms may have to hold wages above the market clearing rate

5006. If the income tax rate changes from 30% to 40% on income over Rs30,000 and a persons income is Rs 31,000 then her marginal tax rate is ?
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A. 70%

B. 30%

C. 10%

D. 40%

5007. The equilibrium inflation rate is determined by the intersection of _____ and _____?
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A. IS, LM

B. demand, supply

C. AD, AS

D. Labor demand, labor supply

5008. The Phillips curve shows the trade-off between _____ and _____?
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A. output, employment

B. interest rates, output

C. the inflation rate, the unemployment rate

D. the inflation rate, interest rates

5009. one of the tenets of the classical view of the labor market is that the wage adjustments that are necessary to clear the labor market occur ?
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A. quickly

B. instantly

C. very infrequently

D. slowly

5010. Expansionary fiscal policy in the classical model will cause aggregate demand to _______ potential output?
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A. fluctuate around

B. exceeds

C. fall below

D. remain equal to

5011. If somebody is prepared to work at the going wage rate but cannot find work then they are victims of ?
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A. voluntary unemployment

B. voluntary unemployment

C. classical unemployment

D. Frictional unemployment

5012. If input price prices adjusted very rapidly to output prices as classical economists argue the Philips curve would be ?
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A. downward sloping

B. Vertical or nearly vertical

C. horizontal or nearly horizontal

D. upward sloping

5013. During Periods of rising inflation and rising interest rates we expect the demand for real cash to ?
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A. fluctuates

B. not changes

C. fall

D. rise

5014. The quantity theory of money says that changes in ____lead to equivalent changes in ____ but have no effect on ______?
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A. prices, wages, output and employment

B. output prices, employment

C. nominal money output prices

D. nominal money, the price level, output and employment

5015. According to the classical economists, those who are not working ?
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A. are unable to find a job at the current wage rate

B. have chosen not to work at the market wage

C. have given up looking for a job but would accept a job at the current wage if one were offered to them.

D. are too productive to be hired at the current wage

5016. The measured unemployment rate can be pushed below the natural rate, but ?
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A. only in the short run, and not without inflation

B. only in the long run and only if the price level is constant

C. only is the short run and only if the price level is constant

D. only in the long run and not without inflation

5017. Potential GDP is the level of aggregate output ?
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A. that can be sustained in the long run, if the inflation rate is zero

B. that can be produced at a zero-unemployment rate

C. that can be produced if structural unemployment is zero

D. that can be sustained in the long run without inflation

5018. The view of the Phillips curve that prevailed in the 1960s implied that policies that ?
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A. lower unemployment rate will tend to raise the inflation rate

B. lower inflation rate will tend to raise the unemployment rate

C. raise inflation rate will tend to raise the unemployment rate

D. lower unemployment rate will tend to lower the inflation rate

5019. in general a flatter demand curve is more likely to be ?
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A. price elastic

B. unit price elastic

C. none of these answers

D. price inelastic

5020. 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. price elastic

D. unit price elastic

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