economics MCQs – Page 399

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 Review each marked answer and report any item that may be outdated or unclear.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

7961. Monopoly advantage is usually the result of greater opportunities such as ?
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A. access to more economic information than competitors

B. #NAME?

C. larger firm size

D. superior access to training and education

7962. The most wave of globalization which began in the 1980s has emphasized the outsourcing of ?
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A. natural resource extraction and mining jobs

B. services and white-collar jobs

C. manufacturing and blue-collar jobs

D. agriculture and farming jobs

7963. Major trading partners of the United States including all of the following countries except ?
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A. Canada

B. Mexico

C. North Korea

D. China

7964. For the United States automobiles are ?
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A. Imported, but not exported

B. Neither imported not exported

C. Exported, but not imported

D. Exported and imported

7965. A tariff causes domestic firms to ________ and consumers to?
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A. underproduce, under consume

B. underproduce, overconsume

C. overproduce, under consume

D. Overproduce, overconsume

7966. If there is a balance of payments deficit then in a floating exchange rate system ?
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A. Aggregate demand is increasing

B. The injections from trade are greater then the withdrawals

C. The external value of the currency would tend to rise

D. The external value of the currency would tend to fall

7967. International trade is based on the idea that ?
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A. imports should exceed exports

B. Exports should exceed imports

C. Resources are more mobile internationally than are goods

D. Resources are less mobile internationally than are goods

7968. Arguments for free trade are sometimes disregarded by politicians because ?
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A. Maximizing consumer welfare may not be a chief priority

B. Maximizing domestic efficiency is not considered imports

C. Economists tend to favor high protected domestic markets

D. There exist sound economic reasons for keeping ones economy isolated from other economies

7969. Recent pressures for protectionism in the United States have been motivated by all of the following except ?
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A. High profit levels for American corporations

B. U.S firms shipping component production overseas

C. Sluggish rates of productivity growth in the United States

D. High unemployment rates among America workers

7970. The theory that states that a country has a comparative advantage in the production of a product if that country is relatively well endowed with inputs used intensively in the production of that product is the?
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A. Heckscher Ohlin theorem

B. Friedman Samuelson theorem

C. Lucas-Laffer theorem

D. Ricardo Malthus theorem

7971. The term tariff, as used in international trade refers to ?
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A. The price of goods when they leave the producing country

B. a government payment to encourage exports

C. a limit on the quantity of a good that can be imported into a country

D. a tax on imports

7972. 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. terms of trade

B. balance of trade

C. balance of payments

D. comparative advantage

7973. The movement to free international trade is most likely to generate short-term unemployment in which industries ?
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A. Imports competing industries

B. Industries that sell to only foreign buyers

C. Industries that sell to domestic and foreign buyers

D. Industries in which there are neither imports nor exports

7974. The largest amount of trade with the United States in recent years has been conducted by ?
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A. Mexico

B. Germany

C. Canada

D. United Kingdom

7975. Free traders maintain that an open economy is advantageous is that it provides all of the following except ?
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A. A wider selection of products for consumers

B. Increased competition for world producers

C. Relatively high wages levels for all domestic workers

D. The utilization of the most efficient production methods

7976. David Ricardos theory in favor of free trade uses the ideal of ?
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A. multilateral advantage

B. mutual advantage

C. absolute advantage

D. comparative advantage

7977. International trade in goods and services is sometimes used as a substitute for all of the following except ?
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A. Domestic production of different goods and services

B. International movements of technology

C. International movements of capital

D. International movements of labor

7978. If a group of countries abolish trade barriers between them and set same tariffs on goods coming in from other countries they are a ?
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A. customs union

B. federation

C. common market

D. free trade area

7979. A significant portion of actual world trade patterns results from ?
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A. the different tastes and preferences of people in different countries

B. different factor endowment between countries

C. different sizes of the countries

D. The industrial policies of governments

7980. Government payments made to domestic firms in order to encourage exports are called ?
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A. Side payments

B. Tariffs

C. export quotas

D. subsidies

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