economics MCQs – Page 3

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 Review each marked answer and report any item that may be outdated or unclear.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

41. Inflation is___________________?
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A. a decrease in the overall price level.

B. a decrease in the overall level of economics activity

C. an increase in the overall level of economic activity.

D. an increase in the overall price level.

42. Microeconomics is not concerned with the behavior of ?
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A. industries.

B. aggregate demand

C. Consumers

D. firms

43. The retail price index is used to__________________?
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A. None of the above

B. construct price lists

C. measure changes in the cost of living

D. compare shop prices

44. Unemployment means that ?
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A. there is excess demand in the labour market

B. at the going wage rate, there are people who want to work but cannot find work.

C. people are not willing to work at the going wage rate.

D. there are some people who will not work at the going wage rate.

45. The opportunity cost of a good is______________?
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A. the quantity of other goods sacrificed to get another unit of that good

B. the expenditure on the good

C. the loss of interest in using savings

D. the time lost in finding it

46. In the mixed economy________________?
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A. economics s is solved by government departments

B. economic decisions are made by the private sector and free market

C. economic allocation is achieved by the invisible hand

D. economics problems are solved by the government and market

47. In a planned or command economy, all the economics decisions are taken by the ?
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A. Workers

B. Consumers

C. government

D. voters

48. What is called the difference in the money value between exports and imports during the specific period of time ?
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A. Terms of trade

B. Balance of payment

C. Balance of trade

D. Balance sheet

49. The circular flow of goods and incomes shows the relationship between?
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A. goods and services.

B. income and money

C. Wages and salaries.

D. ms and households

50. A rational person does not act unless ?
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A. The action produces marginal benefits that exceed marginal costs.

B. The action makes money for the person.

C. the action is ethical

D. The action produces marginal costs that exceed marginal benefits.

51. Trade-offs are required because wants are unlimited, and resources are ?
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A. economical

B. Efficient

C. Scarce

D. unlimited

52. Raising taxes and increasing welfare payments ?
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A. improves efficiency at the expense of equity.

B. improves equity at the expense of efficiency.

C. reduces market power

D. Proves that there is such a thing as a free lunch

53. Human wants are_______________?
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A. Likely to decrease over time

B. Unlimited

C. Always fixed

D. Limited

54. If the diagram of a line shows that lower values on the vertical scale are associated with higher values on the horizontal scale this is an example of ?
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A. a scatter diagrams

B. a positive linear relationship

C. a nonlinear relationship

D. a negative linear relationship

55. In economics, the pleasure, happiness, or satisfaction received from a product is called ______?
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A. utility

B. status fulfillment

C. rational outcome

D. marginal cost

56. What is called the trade of goods or services without the exchange of money ?
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A. Liberal Exchange

B. Barter

C. Bilateral Trade

D. Free exchange

57. Which of the following activities is most likely to produce an externality?
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A. A student sits at home and watches T.V

B. A student reads a novel for pleasure

C. A student eats a hamburger in the student union.

D. A student has a party in her room in the student hall of residence.

58. One percentage decrease in unemployment is associated with two percentage points of additional growth in real gdp is called?
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A. Okuns Law

B. none of the above

C. Consumer price index

D. classical theory

59. Periods of less than full employment corresponds to _________________ ?
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A. points outside the production possibility curve

B. either points inside or outside the production possibility curve.

C. points inside the production possibility curve.

D. points on the production possibility curve

60. Productivity can be increased by ?
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A. restricting trade with foreign countries.

B. improving the education of workers

C. raising union wages.

D. raising minimum wages.

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