economics MCQs – Page 340

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 Review each marked answer and report any item that may be outdated or unclear.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

6781. The appropriate tax rate to consider gauging how much the tax system distorts incentives and decision making is the ?
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A. marginal tax rate

B. average tax rate

C. horizontal tax rate

D. vertical tax rate

E. Proportional tax rate

6782. Refer to Exhibit 4. If there is no tax placed on the produced in this market consumer surplus is the area ?
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A. C + D + F

B. A + B + E

C. D + C + B

D. A

6783. If a tax on a good is doubled the deadweight loss from the tax ?
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A. could rise or fall

B. doubles

C. increase by a factor of four.

D. stays the same

6784. Refer to Exhibit 4. If a tax is placed on the product in this market total surplus is the area ?
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A. A + D

B. B + C + E + F

C. A + B + C + D

D. A + B + C + D+ E +F

6785. Which of the following taxes can be supported by the benefits principle of taxation ?
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A. All these answers can be supported by the benefits principle of taxation

B. property taxes used to pay for policies and the court system

C. Petrol taxes used to pay for roads

D. Progressive income taxes used to pay for national defense

6786. Refer to Exhibit 4. Which of the following is true with regard to the burden of the tax in Exhibit 4 ?
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A. The sellers pay a larger portion of the tax because supply is more inelastic than demand

B. The buyers pay a larger portion of the tax because demand is more inelastic than supply

C. The buyers pay a larger portion of the tax because demand is more elastic then supply

D. The sellers pay a larger portion of the tax because supply is more elastic than demand

6787. A progressive tax system is one where ?
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A. marginal tax rates are high.

B. higher income taxpayers pay more taxes than do lower income taxpayers.

C. marginal tax rates are low.

D. higher income taxpayers pay a greater percentage of their income in taxes than do lower income taxpayers.

6788. Which of the following would likely cause the greatest deadweight loss ?
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A. a tax on cruise line tickets

B. a tax on salt

C. a tax on petrol

D. a tax on cigarettes

6789. Refer to Exhibit 4. If a tax is placed on the product in this market, producer surplus is the area?
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A. A + B + C + D

B. A

C. A + B + E

D. D

6790. Since the supply of undeveloped land is relatively inelastic a tax on undeveloped land would generate ?
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A. a small deadweight loss and the burden of the tax would fall on the renter

B. a large deadweight loss and the burden of the tax would fall on the renter.

C. a large deadweight loss and the burden of the tax would fall on the landlora

D. a small deadweight loss and the burden of the tax would fall on the landlord

6791. Refer to Exhibit 4. If a tax is placed on the product in this market tax revenue paid by the buyers is the area ?
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A. B + C

B. B + C + E + F

C. A

D. B

6792. When a tax on a good start small and is gradually increased tax revenue ?
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A. will fall

B. will first fall and then rise

C. will first rise and then fall

D. will rise

6793. A tax for which high income taxpayers pay a smaller fraction of their income than do low income taxpayers is known as ?
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A. a regressive tax

B. a proportional tax

C. an equitable tax

D. a progressive tax

6794. Refer to Exhibit 4. If a tax is placed on the product in this market tax revenue paid by the sellers is the area ?
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A. C + F

B. B

C. A

D. C

6795. The appropriate tax rate to consider judging the vertical equity of a tax system is the ?
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A. proportional tax rate

B. marginal tax rate

C. average tax rate

D. horizontal tax rate

6796. Which of the following is true with regard to a tax on labor income? Taxes on labor income tend to encourage ?
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A. second earners to stay home.

B. the elderly to retire early.

C. all the things described in these answers.

D. the unscrupulous to enter the underground economy

E. workers to work fewer hours

6797. Hong Kong and South Korea are examples of developing nations that have recently pursued ________ industrialization policies?
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A. commercial dumping

B. import substitution

C. multilateral contract

D. export promotion

6798. Concerning the hypothesis that there has occurred a long run deterioration in the developing countries terms of trade empirical studies provide ?
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A. overwhelming support for the deterioration hypothesis

B. mixed evidence that does not substantiate the deterioration hypothesis

C. overwhelming opposition to the deterioration hypothesis

D. None of the above

6799. Tariff levels in advanced countries tend to be __________ tariff levels in developing countries?
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A. lower than

B. there is no general pattern

C. higher than

D. equal to

6800. In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Developing countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined?
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A. Pm/Px

B. (Pm/Px)Qm

C. Px/Pm

D. (Px/Pm)Qx

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