economics MCQs – Page 367

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 Review each marked answer and report any item that may be outdated or unclear.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

7321. According to the supply side of the vicious circle theory of development a country is poor because ?
0

A. resource allocation is poor

B. it was previously too poor to save and invest

C. underemployment is too widespread

D. technology levels do not allow for self sufficiency

7322. Which of the following was not a classical economist ?
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A. Thomas R. Malthus

B. John Maynard Keynes

C. Adam Smith

D. John Stuart Mill

7323. The Vicious circle theory indicates that ?
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A. market size is large in LDCs

B. poverty perpetuates itself in mutually reinforcing circles on supply and demand sides

C. as countries grow richer they save less

D. a country is poor because it has lower productivity but high savings

7324. Karl Marxs historical materialism views were shaped by all of the following EXCEPT ?
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A. The rise of industrial and capitalist production

B. Political and labor revolts

C. a growing spiritual rationalism

D. The French Revolution

7325. A major dependency theorist Andre Gunder Frank Suggests that the following economic activities have contributed to underdevelopment:
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A. Forming an unskilled labor force to work in factories and mines and on plantations

B. #NAME?

C. Closing the economy to trade with and investment from, developed countries

D. Workers migrating from villages to foreign-dominated urban complexes

7326. 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. Rostows model

B. classical appraoch

C. neoclassicism

D. Marxism

7327. Criticisms of Rostows stages of development include ?
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A. conditions for takeoff are contradicted by historical evidence

B. the difficulty of testing the stages scientifically

C. characteristics of one stage are not unique to that stage

D. All of the above are correct

7328. Barans Neo-Marxist thesis has been criticized for ignoring the probability that power is frequently ?
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A. derived from domestic opponents of nationalism

B. based on an alliance between peasants and the foreign bourgeoisie

C. based on an alliance between landowners and peasants

D. transferred from one elite to another when revolution occurs

7329. Adam Smith advocated ?
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A. laissez faire

B. #NAME?

C. the invisible hand

D. competitive markets

7330. What is Barans explanation for underdevelopment in Asia, Africa, and Latin America ?
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A. reactionary ruling coalitions

B. monopolistic business from abroad

C. weak domestic middle class

D. All of the above

7331. The essential difference between capitalism and socialism is that ?
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A. capitalism exploits the worker and socialism exploits the property owner

B. capitalism relies on consumer satisfaction to dictate choices and socialism relies on producer satisfaction

C. capitalism relies on the market to make economic decisions and socialism uses central planning

D. capitalism grows through rent seeking and socialism grows through government direction

7332. Surplus labor theories assume that ?
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A. the marginal products of labor is closed to zero in LDCs

B. urban unemployment is high in LDCs

C. LDCs are overpopulated

D. labor contributes nothing to output in LDCs

7333. Feudalism was undercut by?
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A. the rise of the business corporation

B. the migration of serfs to the town

C. #NAME?

D. factory competition with handicraft and manorial production

7334. The Lawis model explains how growth gets started in a less developed economy ?
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A. with an average product of labor in agriculture that is negative

B. with a traditional agricultural sector and an industrial capitalist sector

C. with a downward-sloping supply curve of labor

D. with a marginal productivity of labor zero or negligible in industry

7335. A theory ?
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A. provides an explanation of all factors influencing economic growth.

B. #NAME?

C. explains causal relationships among variables

D. is a systematic explanation of relationships between economic variables

7336. The Ultimate effect of the invisible hand of Adam Smith is that in a competitive economy everyone ?
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A. benefits if each acts in his/her own interest

B. should act to maximize economic growth

C. should act to promote the public interest

D. will increase their profits in a free market

7337. The Harrod Domar growth model suggests that growth is ?
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A. directly related to the capital/output ratio and inversely related to savings

B. indirectly related to savings and the capital/output ratio

C. directly related to savings and the capital/output ratio

D. directly related to savings and inversely related to the capital/output ratio

7338. Point out the use of the term price fixing ?
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A. Unlawful agreement between manufacturers to set and maintain specified price on typically competing products

B. Artificial setting of price of commodity by government

C. Both of them

D. None of them

7339. What is called increased demand for a limited supply of goods and service result of which is increase in consumer prices ?
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A. Demand push

B. Demand supply

C. Demand pulls

D. Cost pull

7340. What is Euro ?
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A. Deposit outside ones home country but in the home country currency

B. European currency unit, introduced on Jan, 1 1999

C. Both of them

D. None of them

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