economics MCQs – Page 354

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 Review each marked answer and report any item that may be outdated or unclear.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

7061. The merger of two clothing firms would be a ____ merger?
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A. vertical

B. homogeneous

C. conglomerate

D. horizontal

7062. A private good is ?
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A. rival but not excludable

B. not rival but excludable

C. both rival excludable

D. neither rival nor excludable

7063. A positive externality affects market efficiency in a manner similar to a ?
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A. rival good

B. public good

C. common resource

D. private good

7064. Which of the following are potential solutions to the problem of air pollution?
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A. Grant right of the clean air to citizens so that firms must purchase the right to pollute

B. all of these answers

C. Auctions off pollution permits.

D. Regulate the amount of pollutants that firms can put in the air

7065. If one persons consumption of a good diminishes other peoples use of the good, the good is said to be ?
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A. a good produced by a natural monopoly

B. a common resource

C. excludable

D. rival

7066. A common resource is ?
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A. not rival but excludable

B. both rival and excludable

C. rival but not excludable

D. neither rival nor excludable

7067. Public goods are difficult for a private market to provide due to ?
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A. The free-rider problem.

B. the rivalness problem

C. the public goods problem

D. the Tragedy of the Commons.

7068. Suppose each of 20 neighbours on street values street repairs at 3000 the cost of the street repair is 40,000 which of the following statements is true ?
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A. It is efficient for each neighbour to pay 3,000 to repair the section of street in front of his/her home

B. None of these answers are true

C. it is not efficient to have the street repaired

D. it is efficient for the government to tax the resident 2,000 each and repair the road

7069. If a person can be prevented from using a good, the good is said to be ?
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A. a public goods

B. a common resource

C. rival

D. excludable

7070. A person who regularly watches BBC television programs in the UK but fails to pay their TV licence fee is known as ?
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A. a costly rider

B. excess baggage

C. a common resource

D. an unwelcome rider

E. a free rider

7071. Which of the following is an example of a public good ?
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A. Whales in the ocean

B. apples on a tree in a public park

C. national defense

D. hot dogs at a picnic

7072. A free rider is a person who ?
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A. receives the benefits of a good but avoids paying for it.

B. fails to produce goods but is allowed to consume goods.

C. pays for a good but fails to receive any benefit from the good

D. produces a good but fails to receive payment for the good

7073. The Tragedy of the Commons is a parable that illustrates why?
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A. private goods are under consumed

B. public goods are underproduced

C. natural monopolies overproduce goods.

D. common resources are overconsumed

7074. A negative externality affect market efficiency in a manner similar to ?
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A. a private good

B. a common resource

C. an excludable good.

D. a public good.

7075. When markets fail to allocate resources efficiently, the ultimate source of the problem is usually ?
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A. that prices are not high enough, so people overconsume

B. government regulation

C. that property rights have not been well established

D. that prices are not low enough so firms over produce

7076. A good produced by a natural monopoly is ?
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A. rival but not excludable

B. neither rival nor excludable

C. not rival but excludable

D. both rival and excludable

7077. When government employ cost-benefit analysis to help them decide whether to provide a public good, measuring benefits is difficult because ?
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A. the benefits are infinite because a public good is not rival and an infinite amount of people can consume it at the same time

B. respondents to naires have little incentive to tell the truth.

C. there are no benefits to the public since a public good is not excludable

D. one can never place a value on human life or the environment

7078. A public good is ?
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A. neither rival nor excludable

B. rival but not excludable.

C. both rival but excludable

D. not rival but excludable

7079. Which of the following is an example of a common resource ?
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A. a firework displays

B. iron one

C. a national park

D. national defense

7080. Suppose that requiring motorcycle riders to wear helmets reduces the probability of a motorcycle fatality from 0.3 percent to 0.2 percent over the lifetime of a motorcycle rider and that the cost of lifetime supply of helmets is Rs5000. It is efficient for the government to require riders to wear helmets if human life is valued at ?
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A. Rs50,000 or more

B. Rs 150 or more

C. Rs 500,000 or more

D. Rs100 or more

E. Rs500 or more

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