economics MCQs – Page 331

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 Review each marked answer and report any item that may be outdated or unclear.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

6601. A culture complex is_______________?
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A. a psychological condition

B. a theater symphony hall and museum

C. a cluster of traits centered around a common activity

D. one cultural trait

6602. In the equation C = a + bY, which describes the aggregate consumption function b stands for ?
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A. The average consumption level

B. The amount of income when consumption is zero

C. The marginal propensity to consume.

D. The amount of consumption when income is zero

6603. The evaluation that a certain phenomenon is good beautiful moral right and therefore desirable is termed a_______________?
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A. value

B. guideline

C. folkway

D. norm

6604. The social sciences have no laws because ?
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A. social science research techniques are flawed

B. social scientists are a lawless group

C. none of the above

D. the various disciplines squabble among themselves

6605. The most important category of norms for maintaining social order are ?
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A. folkways

B. customs

C. mores

D. traditions

6606. To be Productively efficient a firm must produce where ?
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A. Marginal costs are Minimized

B. Average costs are minimized

C. Average costs are maximized

D. Marginal costs are maximized

6607. The total costs are Rs2000 and 10 units are produced. The marginal cost of an 11th unit is Rs1300 Which of the following is true ?
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A. The average cost for 10 units is Rs1300

B. The average cost for 11 units is Rs1300

C. The average cost increase from Rs20 to Rs30

D. The total costs for 11 units are Rs700

6608. An increase in interest rates ?
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A. Is likely to reduce savings

B. Is likely to reduce the external value of the currency

C. Leads to a shift in the MEC schedule

D. Leads to a movement along the MEC schedule

6609. A profit maximising firm will invest up to the level of investment where ?
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A. The cost of borrowing equals the marginal efficiency of capital

B. The cost of borrowing is greater than the marginal efficiency of capital

C. The cost of borrowing equals the marginal propensity to consume

D. The cost of borrowing is less then the marginal efficiency of capital

6610. According the law of diminishing returns ?
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A. The marginal product fall as more units of a variable factor are added to a fixed factor

B. The marginal product increases as more units of a variable factor are added to a fixed factor

C. The total product falls as more units of a variable factor are added to a fixed factor

D. Marginal utility falls as more unity of a product are consumed

6611. If an economy is productively efficient ?
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A. Resources are unemployed

B. The distribution of income is eqal

C. More of one product can only be produced if less of another product is produced

D. Everyone is wealthy

6612. Variables that exercise influence on other variables are called ?
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A. independent variables

B. constants

C. dependent variables

D. none of the above

6613. Reaganomics was a radical shift in Policy aimed at direct tackling ?
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A. the supply side of the economy

B. The demand side of the country

C. The underground economy

D. The charities economy

6614. Labour Productivity measures ?
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A. The output per worker

B. Total output

C. The output per machine

D. Marginal output

6615. According to the quantity theory of money an increase in the money supply is most likely to lead to inflation if ?
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A. The velocity of circulation and the number of transactions is constant

B. The number of transaction decrease

C. There is deflation

D. The velocity of circulation decrease

6616. A benefit to consumers of price discrimination is that ?
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A. Producer surplus increases

B. Consumer surplus decreases

C. Some products are produced that would not otherwise be produced

D. Firms profits increase

6617. If marginal cost is positive and falling ?
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A. Total cost is falling

B. Total cost is increasing at a falling rate

C. Total cost is increasing at an increasing rate

D. Total cost is falling at a falling rate

6618. To reduce the supply of money the government could ?
0

A. Reduce interest rates

B. Sell government bonds

C. Buy back government bonds

D. Encourage banks to lend

6619. History is often NOT considered a social science because_______________?
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A. historians do not use computers

B. it is not based on evidence

C. it does not study people

D. its primary concern is to record events of the past

6620. A reflationary policy ?
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A. Reducing interest rates

B. Reducing taxation rates

C. increase injections

D. Reducing government spending

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