economics MCQs – Page 31

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 Review each marked answer and report any item that may be outdated or unclear.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

601. If GDP for Barbados is $260 million in 2011 and its population is 260,000 GDP per capita is ?
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A. 0.001

B. 260

C. 259740

D. 1000

602. If a group of countries abolish trade barriers between them and set same tariffs on goods coming in from other countries they are a ?
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A. free trade area

B. customs union

C. common market

D. federation

603. _______ is needed to balancell the balance of payments statements?
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A. statistical discrepancy

B. debit transactions

C. credit transactions

D. unilateral transfers

604. Tariffs are used to protect infant industries these industries are those which ?
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A. are not yet large enough to achieve economies of scale

B. use a new technology

C. are competing with well-established overseas firms

D. employ many young or untrained workers

605. If desired spending in the economy exceeds income we would expect ?
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A. households to save more

B. firms to produce less

C. the MPC to change

D. firms to produce more

606. Which of the following country was not a major LDC debtor in 2001 ?
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A. Malaysia

B. Thailand

C. Argentina

D. Brazil

607. Major trading partners of the United States including all of the following countries except ?
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A. Canada

B. China

C. North Korea

D. Mexico

608. In an economy measuring (1) total value added (2)total spending on final goods and (3)total factor earning gives the result that ?
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A. 3=2=1

B. any measure can be larger or smaller than any other

C. 3<2<1

D. 3>2>1

609. Term of trade for a country are the ratio of _______________ to _____________?
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A. Value of exports; value of imports

B. its opportunity costs; world opportunity costs

C. export prices; import prices

D. its currency; other currencies

610. International trade in goods and services is sometimes used as a substitute for all of the following except ?
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A. International movements of labor

B. Domestic production of different goods and services

C. International movements of technology

D. International movements of capital

611. The total multiplier for the economy will reflect ?
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A. MPC and MPT

B. MPC, MPT and MPZ

C. MPT and MPZ

D. MPC and MPZ

612. All of the following are debit items in the balance of payments except ?
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A. capital outflows

B. merchandise exports

C. foreign aid granted to other nations

D. private gifts to foreigners

613. Import substitution is the replacement of ____ by domestic production _____ protection of ________?
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A. imports, high tariffs or import quotas

B. exports, patents

C. imports, subsidies

D. exports, subsidies

614. The Phillips curve is an extension of the model of aggregate supply and aggregate demand because, in the short run, an increase in aggregate demand increase price and ?
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A. increases unemployment

B. decreases unemployment

C. decrease growth

D. decreases inflation

615. Suppose the economy is initially in long-run equilibrium Then suppose there is an increase in military spending due to rising international tensions According to the model of aggregate demand and aggregate supply what happens to prices and output in the long run ?
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A. Output and the price level are unchanged from their initial values

B. Output falls; prices are unchanged from the initial value

C. Price fall; output is unchanged from its initial value

D. Prices rise; output is unchanged from its initial value

616. To prevent the external value of the currency from falling the government might ?
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A. Increase its own spending

B. Sell its own currency

C. Reduce interest rates

D. Buy its own currency with foreign reserves

617. when the level of income _________ there will be a tendency for the trade balance to improve as imports?
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A. falls, increase

B. falls, fall

C. increase, fall

D. increase, increase

618. Real GNP is a crude measure of national welfare because it excludes ?
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A. exports

B. work in the home

C. investment

D. consumption

619. Economists suggest that an optimum tariff would be one which reduce imports to a point where___________?
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A. import prices are the same as export prices

B. Comparative advantage is achieved

C. marginal social cost equals marginal social benefit

D. Price elasticity of imports is unity and tariff revenue is maximized

620. One of the main advantages of trade economists suggest is ?
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A. technological change

B. development of tourism

C. competitions with foreign suppliers

D. lower tariffs

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