economics MCQs – Page 330

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 Review each marked answer and report any item that may be outdated or unclear.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

6581. Which is an example of a pivotal social institution ?
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A. A symphony orchestra

B. The economy

C. A jail

D. A rock bands

6582. The study of traits that appear in specific population as adaptation to specific environments is called ?
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A. demography

B. psychology

C. cultural anthropology

D. physical anthropology

6583. To be allocatively efficient a firm must produce where ?
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A. The price equals the average cost

B. The price equals the marginal cost

C. The total cost equals demand

D. The average revenue equals the marginal revenue

6584. Head hunting is wrong This statement is made from the point of view of______________?
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A. cultural relativity

B. ethnocentrism

C. ethnic uniformity

D. cultural pride

6585. In Price discrimination abnormal profits are made if ?
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A. Average revenue is greater than marginal revenue

B. Average revenue is greater than average cost

C. Average revenue is greater than average fixed cost

D. Average revenue is greater than average variable cost

6586. Economic growth can be shown by ?
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A. An inward shift of the production possibility frontier

B. A movement along the production possibility frontier

C. A decision by the government to produce inside the production possibility frontier

D. An outward shift of the production possibility frontier

6587. Society and culture______________?
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A. all of the above

B. are in continual conflict

C. are separate phenomena

D. are interrelated and interdependent

6588. To maximise growth without making a loss a firm should produce the highest output where ?
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A. Average revenue equals marginal cost

B. Average revenue equals average cost

C. Marginal revenue equals marginal cost

D. Average cost equals marginal cost

6589. A reduction in the money supply is likely to ?
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A. Increase inflation

B. Decrease deflation

C. Increase the interest rate

D. Reduce the interest rate

6590. According to supply-side economists if taxes are cut so that people have an increased incentive to work and businesses have an increased incentive to invest ?
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A. aggregate supply will increase , aggregate demand will decrease

B. aggregate supply will increase, aggregate output will increase and the price level will decrease

C. aggregate supply will increase aggregate output will increase and the price level will increase

D. both aggregate supply and demand will increase and the price level will increase

6591. Privatisation is the transfer out ?
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A. government businesses to the private sector

B. Publicly held stock to private individuals

C. Privately owned business to the government sector

D. corporately owned businesses to individuals

6592. An outward shift of the production possibility frontier may be caused by ?
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A. Better training of employees

B. Productive inefficiency

C. An increase in demand

D. More government spending

6593. If the marginal revenue is less than the marginal cost then to profit maximise a firm should ?
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A. Leave output where it is:

B. Increase costs

C. Reduce output

D. Increase output

6594. A variable whose value is determined by the model of which it is a part is termed ?
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A. exogenous

B. constant

C. independent

D. endogenous

6595. The total quantity of goods and services produced (or supplied) in an economy in a given period is ?
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A. aggregate output

B. aggregate expenditure

C. aggregate investment

D. aggregate demand

6596. Assuming there is no government or foreign sector, if the multiplier is 2.5 the MPC is ?
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A. 4

B. 25

C. 6

D. 2.5

6597. The precautionary demand for money is ?
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A. An idle because

B. An active balance

C. Directly related to interest rates

D. Inversely related to income

6598. If firms earn normal profits ?
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A. No profit is made is accounting terms

B. Other firms will join the industry

C. The revenue equal total costs

D. They will aim to leave the industry

6599. Burning your neighbors house down is considered a serious offense It is a violation of_____________?
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A. folkways

B. taboos

C. mores

D. table manners

6600. Correlation differs from causation in that correlation ?
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A. occurs purely by chance

B. occurs among more than two variables

C. precedes causation

D. only indicates a probable relation

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