economics MCQs – Page 34

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 Review each marked answer and report any item that may be outdated or unclear.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

661. Credit (+) items in the balance of payments correspond to anything that ?
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A. involves payments to foreigners

B. involves receipts from foreigners

C. decreases the demand for foreign exchange

D. increases the domestic money supply

662. IF GDP for Maldivies is $435 million in 2012 and the GDP per capita is $1576.087 the population of the country must be ?
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A. 276,000

B. 1,576,086

C. 0.276

D. 3.623

663. All of the following are low income countries except ?
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A. Bangladesh

B. Sudan

C. Armenia

D. United Arab Emirates

664. International trade is based on the idea that ?
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A. Resources are more mobile internationally than are goods

B. Resources are less mobile internationally than are goods

C. imports should exceed exports

D. Exports should exceed imports

665. When countries from large trading blocs like the EU, the size of the bloc has the effect of improving them ?
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A. balance of payments

B. terms of trade

C. comparative advantage

D. balance of trade

666. When free trade areas are set up the member countries trade with each other grows faster than their trade with other countries This is due to what economist call ?
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A. trade diversion

B. trade creation and trade diversion

C. trade creation

D. trade channeling

667. One classification of development levels used by the World Bank divides countries into three group on the basis of GNP per capita They are ?
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A. NIC, OPEC and G7

B. Low income , middle income and high income

C. Asia, America and Europe

D. Southeast Northeast and Southwest

668. All of the following are high income countries except ?
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A. Japan

B. South Africa

C. Singapore

D. U.K

669. A capital account surplus might be expected to cause a current account deficit because the associated ?
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A. capital inflow would cause the nations currency to depreciate contributing to a trade deficit

B. capital outflow would cause the nations currency to depreciate contributing to a trade deficit

C. capital outflow would cause the nations currency to appreciate contributing to a trade deficit

D. capital inflow would cause the nations currency to appreciate contributing to a trade deficit

670. According to the classical economists, the only gainers from growth would be ?
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A. politicians

B. The army

C. landlords

D. peasants

671. If, in the long run, people adjust their price expectations so that all prices and incomes move proportionately to an increase in the price level then the long-run Phillips curve ?
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A. has a slope that is determined by how fast people adjust their price expectations

B. is vertical

C. is positively sloped

D. is negatively sloped

672. If people have rational expectations a monetary policy contraction that is announced and is credible could ?
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A. reduce inflation but it would increase unemployment by an unusually large amount

B. Increase inflation but would decrease unemployment by an unusually large amount

C. increase inflation with little or no decrease in unemployment

D. reduce inflation with little or no increase in unemployment

673. The synchronized application of capital to a wide range of different industries is called __________ by its advocates?
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A. capitalization

B. balanced growth

C. elasticity of capital

D. indivisibilities

674. The terms of trade measure ?
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A. Export prices compared to import prices

B. The income of one country compared to another

C. The GDP of one country compared to another

D. The quantity of exports of one country compared to another

675. In the calculation of gross domestic product net exports are ?
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A. the sum of merchandise trade and services

B. the current account plus long-term capital

C. short-term capital plus the basic balance

D. the value of merchandise exports minus imports

676. If the MPC is 0.5 the multiplier is ?
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A. 0.2

B. 2-Jan

C. 2

D. 20

677. The imposition of a tariff causes consumption to _____ and imports to _________?
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A. rise, fall

B. fall, fall

C. rise, rise

D. fall, rise

678. During the 1980s and 1990s a period of economic conservative governments in much of West and Japan, a leading approach among development economists was ?
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A. neoclassicism

B. classical appraoch

C. Marxism

D. Rostows model

679. Economic integration ?
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A. occurs when one country voluntarily agrees to reduce its exports to another country

B. Occurs when countries develop an acquired comparative advantage that makes their industries more competitive in international markets

C. occurs when two or more nations join to form a free-trade zone

D. occurs when countries are granted most favored nation status

680. A sudden shift from import tariffs to free trade may induce short-term unemployment in ?
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A. Industries that are only exporters

B. Industries that sell domestically as well as export

C. industries that neither import nor export

D. Import-competing industries

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