economics MCQs – Page 407

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 Review each marked answer and report any item that may be outdated or unclear.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

8121. From the perspective of the American public as a whole, export subsidies levied by overseas governments on goods sold to the United States ?
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A. are equivalent to an export quota

B. hurt more then they help

C. help more than they hurt

D. are equivalent to an import quota

8122. international dumping may involve ?
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A. selling goods to foreigners at a price below that charged domestic consumers

B. selling goods to foreigners at a price below the cost of production

C. antidumping duties being levied on the imported, dumped goods

D. All of the above

8123. According to the cost-based definition of dumping, dumping occurs when a firm sells a product abroad at a price that is less than ?
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A. average total cost

B. average variable cost

C. marginal cost

D. average fixed cost

8124. For year the U.S government levied quotas on inexpensive oil imported from the Middle East The quotas led to cost increases for U.S consumers totaling $3 billion for oil products. An apparent justification of this policy was that ?
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A. U.S oil companies and workers deserved higher incomes

B. one should not be too dependent on foreign suppliers of crucial resources

C. The U.S government needed the quota revenue to balance its budget

D. U.S oil was of superior quality and merited higher prices

8125. ________ are profits that accrue to whomever has the right to import the good that is restricted by the quota?
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A. None of the above

B. quota prices

C. quota license

D. quota rents

8126. To aid its calculator producers, suppose that the government provides them a subsidy of $10 for each calculator produced The amount of imports now equals _____ and the deadweight loss of the subsidy to the Canadian economy equals _________?
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A. 20 calculator, $50

B. 25 calculator, $100

C. 25 calculator, $50

D. 20 calculator, $100

8127. Which company in the United States would likely be most concerned about Brazils dumping of steel in the U.S market ?
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A. Sneva Construction Co. The builder of skyscrapers

B. Tennessee Mining Co. an iron-ore mining company

C. General Motors, the manufacturer of automobiles

D. Caterpillar Corp the producer of earth moving equipment

8128. With free trade, suppose that the rest of the world can supply calculators to Canada at a price of $30. Canadas imports would now equal _____ and its consumer surplus would ____ relative to what occurred in the absence of trade. What is the change in consumer surplus? Refer to the figure that you have plotted ?
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A. 30 calculators increase

B. 25 calculators decrease

C. 25 calculators increase

D. 20 calculators increase

8129. Governments around the world tend to auction quota licenses ?
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A. always

B. often

C. never

D. seldom

8130. What type of trade barrier was used to protect U.S auto firms from foreign competition during 1981 1984 ?
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A. export quotas imposed by the Japanese government

B. export tariffs imposed by the Japaneses government

C. domestic subsidies granted by the U.S government

D. import quotas imposed by the U.S government

8131. Quotas are government-imposed limits on the _________ of goods trade between countries?
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A. quantity

B. costs

C. prices

D. revenue

8132. A _______ allows a specified number of goods to be imported each year, and it not specifies from where the product is shipped and who is permitted to import ?
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A. global quota

B. export quota

C. import quota

D. selective quota

8133. During periods of growing domestic demand, an import quota ?
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A. is less restrictive on a countrys imports than a tariff

B. Is more restrictive on a countrys imports than a tariff

C. has the same restrictive effect on a countrys imports as a tariff

D. will always generate increased tax revenue for the government

8134. The firm would maximize profit by selling computers in the United States at a price of __________ and _________ computers in Japan at a price of __________?
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A. 300, $1,800, 400 $800

B. 300, $1,800, 800 $800

C. 200, $2,000, 100 $1,000

D. 500, $1,400, 400 $800

8135. A tariff-rate quota is essentially a ?
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A. two tier quota applied to a countys exports

B. three tier quota applied to a countrys exports

C. two tier tariff applied to a countrys imports

D. three-tier tariff applied to a countrys imports

8136. Throughout the world, governments tend to auction quota licenses to their highest bidder ?
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A. often

B. seldom

C. always

D. never

8137. Country B has an absolute advantage in ?
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A. Product X

B. Product Y

C. Neither X nor Y

D. Both X and Y

8138. G. MacDougal compared export ratios and labor productivity ratios for the United States and the United Kingdom in order to test the:
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A. Heckscher Ohl in theory of comparative advantage

B. Linder theory of overlapping demand all of the above

C. None of these

D. Ricardian theory of comparative

8139. The relative price (MRT) of T in terms of S is ?
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A. 2

B. 1000

C. 500

D. 2-Jan

8140. In autarky, the relative price of X, in terms of Y in A would be ?
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A. 3/4 Y

B. 1 Y

C. 4/3 Y

D. 1/2 Y

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