economics MCQs – Page 341

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 Review each marked answer and report any item that may be outdated or unclear.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

6801. Developing countries that emphasize the production of raw materials or agricultural goods may realize a long-run deterioration in the international terms of trade because of ?
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A. relatively low import tariffs maintained by advanced countries

B. highly elastic demand for these products in advanced countries

C. sluggish demand for these products in advanced countries

D. declines in the supplies of these products on world markets

6802. Which of the following organizations primarily provides long-term loans to developing countries to help them develop their infrastructure such as schools hospitals and roads ?
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A. World Bank

B. Council on Foreign Relations

C. International Monetary Fund

D. Organization of petroleum Exporting Countries

6803. Among the institutions and policies that have been created to support developing countries are?
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A. The Generalized System of Preferences

B. All of the above

C. the international Monetary Fund

D. the world Bank

6804. Instead, assume that global economic expansion causes the quantity of tin demanded to increase by 4 million pounds at each price To maintain price of tin at the target price you would ?
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A. sell 8 million pounds of tin

B. sell 4 million pounds of tin

C. buy 8 million pounds of tin

D. buy 4 million pounds of tin

6805. A widely used indicator to differentiate developed countries from developing countries is ?
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A. unemployment per capita

B. real income per capital

C. calories per capita

D. international trade per capita

6806. Poor developing countries typically impose __________ tariffs than rich advanced nations on imports?
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A. lower

B. None of the above

C. about the same height

D. higher

6807. To stabilize the prices of primary products international commodity agreements have utilized all of the following except ?
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A. buffer stocks

B. production and export controls

C. multilateral contracts

D. tariff-rate quotas applied to imported goods

6808. Because supply and demand conditions for primary products are very price inelastic their prices ?
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A. tend to be very unstable from year to year

B. have been steadily rising in recent decades

C. have been more stable than the prices of manufactured goods

D. fluctuate about as much as the prices of manufactured goods

6809. The Peoples Republic of China ?
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A. has always accounted for a significant share of international trade, given its very large population

B. has retained to the present time its strategy of import substitution as a source of economic growth

C. is the first of the East Asian countries to be recognized for a successful outward-oriented development strategy

D. has significantly increased its openness to international trade and foreign investment in recent decades

6810. Developing countries that concentrate production in agricultural products or raw materials may face a long-run decline in their international terms of trade because of ?
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A. inelastic demand for these products in advanced countries

B. large increases in the supplies of these products on world markets because of export expansion policies

C. sluggish demand for these products in advanced countries

D. All of the above

6811. To be considered a a good candidate for an export cartel, a commodity should ?
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A. be a primary product

B. have high price elasticity of supply

C. have a low price elasticity of demand

D. be a manufactured goods

6812. Concerning tariff policy, the United States does not charge?
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A. lower tariff rates on goods from nations with normal trade relation status

B. identical tariff rates in products from all countries of the world

C. lower tariff rates on goods from nations with most favored nation status

D. low or zero tariffs on goods from certain developing countries

6813. The ability of the Organization of Petroleum Exporting Countries (OPEC) to maximize profits is hampered by ?
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A. similar cost schedules for member countries

B. highly inelastic world demand curve for oil

C. economic recession for oil importing nations

D. a lack of substitutes for oil

6814. Membership in the World Trade Organization for china ?
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A. has been opposed by a number of labor and human rights organizations in other countries

B. has been a matter of low priority for the Chinese government

C. was achieved in the early 1950s

D. has had negligible effect on trade between china and the United States

6815. To help developing nations strengthen their international competitiveness many industrial nations have granted non-reciprocal tariff reductions to developing nations under the ?
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A. multilateral contract program

B. export-led growth program

C. international commodity agreements program

D. generalized system of preferences program

6816. The Generalized System of Preferences (GSP) program allows ?
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A. any developing country to ignore the most-favored nation clause

B. any advanced country to ignore the most favored-nation clause

C. developing country export to advanced countries to receive preferential tariff treatment

D. developing country imports from advanced countries to receive preferential tariff treatment

6817. Assume that global recession causes the quantity of tin demanded to decrease by 4 million pounds at each price To maintain the price of tin at the target price you would ?
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A. sell 8 million pounds of tin

B. sell 4 million pounds of tin

C. buy 8 million pounds of tin

D. buy 4 million pounds of tin

6818. To be considered a good candidate for export cartel, a commodity should ?
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A. have a high price elasticity of demand

B. be a manufactured good

C. have a low price elasticity of supply

D. be a primary product

6819. Export-led growth strategies tend to emphasize ?
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A. resource allocation based on the principle of comparative advantage

B. resource allocation based on the principle of absolute advantage

C. trade protection for import-competing firms

D. trade protection for exporting-competing firms

6820. For the oil-importing countries, the increase in oil prices in 1970s and early 2000s contributed to all of the following except ?
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A. price inflation

B. improving terms of trade

C. balance of trade deficits

D. constrained economic growth

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