economics MCQs – Page 406

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 Review each marked answer and report any item that may be outdated or unclear.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

8101. The home country government can confiscate the revenue effect of an import quota if ?
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A. quota licenses are given to foreign exporting companies

B. quota licenses are auctioned to the highest bidding importing company

C. if quota licenses are given to domestic consumers of the good

D. Both A and C

8102. In certain industries Japanese employers hesitate to lay off workers Therefore they sometimes have excess supplies of goods that they cannot sell on the home market without lowering prices. To hold down losses they sell goods in overseas markets at prices well beneath those in japan This practice is best referred to as ?
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A. Orderly marketing

B. trigger pricing

C. domestic content pricing

D. dumping

8103. If imports licenses are auctioned off to domestic importers in competitive market their scarcity value (revenue effect) accrues to ?
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A. foreign corporations

B. foreign workers

C. The domestic government

D. domestic corporations

8104. ________ occurs when a firm disposes on foreign markets a temporary increases in inventories caused by unforeseen changes in supply and demand conditions in the home economy?
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A. predatory dumping

B. persistent dumping

C. sporadic dumping

D. foreign dumping

8105. A production subsidy that is granted to a producer of an import-competing good ?
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A. does not require government taxes to finance it

B. yields the same deadweight welfare loss as an import tariff or import quota

C. has only a protective effect deadweight loss

D. has only a consumption effect deadweight loss

8106. Export subsidies levied by foreign governments on products in which the Pakistan the comparative disadvantage ?
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A. lead to increases in Pakistani consumer surplus

B. encourage Pakistani workers to demand higher wages

C. lower the welfare of all Pakistanis

D. encourage Pakistans production of competing goods

8107. Suppose that the domestic government allows a specific number of goods to be imported each year, but it does not specify from where the product is shipped or who is permitted to import Such a trade barrier is known as ?
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A. a global quota

B. an import tariffs

C. a selective quota

D. a tariff rate quota

A. increased government revenue

B. increased consumer surplus

C. higher prices and reduced imports

D. decrease producer surplus

8109. A(n) ________ is n example of a quota where foreigners hold quota licenses ?
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A. export quota

B. tariff quota

C. embargo

D. auction quota

8110. Nontariff trade barriers could include all of the following except ?
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A. antidumping/countervailing duties applied to imports

B. domestic content laws

C. government procurement policies

D. health, safety, and environmental standards

8111. Under a tariff- rate quota ?
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A. The within-quota tariff rate exceeds the over-quota tariff rate

B. The within-quota tariff rate plus over-quota tariff rate equal 100 percent

C. The within-quota tariff rate equals the over-quota tariff rate

D. the over-quota tariff rate exceeds the with-quota tariff rate

8112. In the absence of trade, Canadas equilibrium price and quantity equal ?
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A. $55 and 20 calculators

B. $65 and 40 calculators

C. $45 and 25 calculators

D. $30 and 40 calculators

8113. In a tariff and import quota lead to equivalent increase in the domestic price of steel, then ?
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A. The quota results in efficiency reductions but the tariff does not

B. The tariff results in efficiency reductions but the quota does not

C. They have identical impact on how much is produced and consumed

D. They have identical impact on how income is distributed

8114. By practicing price discrimination, the firm would realize profits totaling ?
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A. $420,000

B. $660,000

C. $540,000

D. $160,000

8115. To maintain that South koreans are dumping their DVDs in the United States is to maintain that ?
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A. The cost of manufacturing DVDs in Korea is lower in Korea than in the U.S since wages are lower in Korea

B. Koreans are selling DVDs in the U.S below their production cost

C. Koreans are selling DVDs is the U.s above their productions cost

D. The cost of manufacturing DVDs in Korea is higher in Korea than in the U.S since wages are higher in Korea

8116. In the absence of traded, Norways equilibrium price and quantity equal ?
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A. $3,500 and 2,000 computers

B. $2,500 and 2,000 computers

C. $1,500 and 2,800 computers

D. $2,000 and 1,600 computers

8117. A attempts to limit outsourcing of jobs to foreigners by requiring that a minimum percentage of a products value must be produced domestically if that good is to be sold in the domestic market ?
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A. voluntary restraint agreement

B. domestic subsidy

C. tariff-rate quota

D. domestic content requirement

8118. ___________ are quotas that lead to a complete abolishment of trade?
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A. orderly marketing agreements

B. voluntary export restraints

C. embargoes

D. nontariff barriers

8119. If the home country government grants a subsidy on a domestically produced good domestic producers tend to ?
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A. Capture the entire subsidy in the form of higher profits

B. consider the subsidy as a increase in production cost

C. Increase their level of production

D. reduce wages paid to domestic workers

8120. If a tariff and import quota lead to equivalent increases in the domestic price of steel, then ?
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A. They have different impacts on how much is produced and consumed

B. the quota results in efficiency reductions but the tariff does not

C. They have different impacts on how income is distributed

D. The tariff results in efficiency reductions but the quota does not

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