economics MCQs – Page 332

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 Review each marked answer and report any item that may be outdated or unclear.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

6621. If marginal revenue equals marginal cost ?
0

A. Profits are maximised

B. Total revenue equals total cost

C. No profit is being made

D. Producing another unit would increase profits

6622. The average variable cost curve ?
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A. is derived from the average fixed costs

B. Equals the total costs divided by the output

C. Converges with the average cost as output increases

D. Equals revenue minus profits

6623. Any combination of products inside the production possibility frontier is ?
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A. X inefficient

B. Allocatively inefficient

C. Productively inefficient

D. Consumer inefficient

6624. If injections are less than withdrawals at the full-employment level of national income, there is ?
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A. A deflationary gap

B. hyperinflation

C. an inflationary gap

D. hysteresis

6625. The proportion of an increase in national income paid in tax is ?
0

A. the average tax propensity

B. the marginal tax propensity

C. the fiscal stance

D. the tax multiplier

6626. The law of diminishing returns assumes ?
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A. There are no fixed factors of production

B. There are no variable factors of production

C. Utility is maximised when marginal product falls

D. Some factors of production are fixed

6627. When gathering data, the scientist is required to exhibit all BUT which one of the following traits ?
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A. Courage

B. Ethical neutrality

C. Patience

D. Social involvement

6628. Injections are?
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A. Decrease aggregate demand

B. Decrease the investment into an economy

C. Assumed to be exogenous

D. Assumed to be a function of national income

6629. An increase in national income is likely to ?
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A. causes an increase in injections into the economy

B. Decrease tax receipts

C. Worsen the balance of trade

D. Automatically cause an increase in government spending

6630. Open Market Operations occur when the government ?
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A. Reduces the interest rate

B. Increase the exchange rate

C. Increases taxation

D. Buys and sells bonds and securities

6631. In a free market the combination of products produced will be determined by ?
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A. The law

B. The government

C. Market forces of supply and demand

D. The public Sector

6632. To anticipate what the economy is going to do next the government will look at ?
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A. Lagging indicators

B. Flashing indicator

C. Leading indicators

D. Coincidental indicators

6633. In a recession, GDP ?
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A. Grows negatively

B. Grows rapidly

C. Grows slowly

D. Grows by 0%

6634. Assuming there is no government or foreign sector, if the MPC is 8 the multiplier is ?
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A. 5

B. 8

C. 2

D. 1.25

6635. An increase in the marginal propensity to consume will ?
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A. Increase the marginal propensity to save

B. increase the size of the multiplier

C. Decrease national income

D. Reduce injections into the economy

6636. If marginal product is below average product ?
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A. Average variable cost will fall

B. The total product will fall

C. The average product will fall

D. Total revenue will fall

6637. The marginal propensity to withdraw is ?
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A. MPS + MPT + MPM

B. 1-(1/injections multiplier

C. the proportion of national income that is withdraw from the circular flow of income

D. 1/investment multiplier

6638. Which of the following is FALSE? Scientific observation ?
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A. yields valid date with classification organization or recording

B. must proceed systematically

C. is open to anyone who wants to pursue it

D. must occur under controlled conditions

6639. Human life is acted out within a triangle of_______________?
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A. income safety and deference

B. rules roles and norms

C. society culture and the individual

D. class status and power

6640. A group of economists argue that the real problem with the economy is high rates of taxation and heavy regulation that reduce the incentives to work save and invest these economists are ?
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A. rational -expectations economists

B. New classical economists

C. supply side economists

D. neo-Keynesian economists

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