economics MCQs – Page 408

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 Review each marked answer and report any item that may be outdated or unclear.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

8141. In the classical model of Ricardo, the direction of trade is determined by ?
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A. Absolute advantage

B. Physical advantage

C. Comparative advantage

D. Which way the wind blows

8142. If the relative price (MRT) of S were to increase, then the price line would ?
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A. shift out in a parallel fashion

B. Become steeper

C. Become flatter

D. shift in a parallel fashion

8143. According to the Principle of absolute advantage Japan should ?
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A. Export DVDs

B. Export steel

C. Exports steel and DVDs

D. There is no basis for gainful specialization and trade

8144. The earliest statement of the principle of comparative advantage is associated with ?
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A. Adam Smith

B. Berti IOhlin

C. David Ricardo

D. Eli Heckscher

8145. If the autarky price of S were lower in country A than in country B then if trade were allowed ?
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A. neither country would want to trade

B. None of the above

C. A would likely export S to B

D. A would likely import S from B

8146. The terms of trade is given by the prices ?
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A. Of primary products as opposed to manufactured products

B. Paid for all goods exported by the home country

C. Received for all goods exported by the home country

D. Received for exports and paid for imports

8147. With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel ?
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A. Two DVDs

B. Four DVDs

C. One DVD

D. Three DVDs

8148. Country B has the comparative advantage in ?
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A. Wine

B. Beer

C. Both wine and beer

D. Neither wine nor beer

8149. International trade is based on the nation that ?
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A. Different currencies are an obstacle to international trade

B. Goods are more mobile internationally than are resources

C. A countrys exports should always exceed its imports

D. Resources are more mobile internationally that are goods

8150. If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?
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A. Trade would depend on the use of different currencies

B. Trade would depend on difference in demand conditions

C. There would be no basis for gainful trade

D. Trade would depend on economies of large-scale production

8151. John Stuart Mill was the founder of the ?
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A. Theory of mercantilism

B. Theory of reciprocal demand

C. Theory of comarative advantage

D. Theory of absolute advantage

8152. The opportunity cost of one DVD in Japan is ?
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A. Four tons of steel

B. One ton of steel

C. Three tons of steel

D. Two tons of steel

8153. Country A has an absolute advantage in ?
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A. Beer

B. Wine

C. Both products

D. neither products

8154. Dynamic gains from trade could result from ?
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A. The stimulus of additional investment spending as market open

B. Economies of large scale production as markets open

C. Additional competition made possible by the opening of markets

D. All of the above

8155. With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD ?
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A. One ton of steel

B. One-half ton of steel

C. Two and one-half tons of steel

D. Two tons of steel

8156. The gains from international trade are closely related to ?
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A. The labor theory of value

B. How much the autarky price differs from international terms of trade change

C. The fact that a country must lose from trade

D. All of the above

8157. In autarky, the relative price of wine, in terms of beer, in country A is ?
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A. 1W = 3B

B. 1W = 1/3B

C. 1W = 1B

D. 1W = 2B

8158. Given free trade, small nations tend to benefit the most from trade since they ?
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A. Are more productive than their large trading partners

B. Are less productive than their large trading partners

C. Have demand preferences and income levels lower than their large trading partners

D. Realize terms of trade lying near the MRTs of their large trading partners

8159. Under free trade, Canada would not realize any gains from trade with Sweden if Canada ?
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A. Specializes partially in the production of its exports goods

B. Specializes completely in the production of its export good

C. Trades at Canadas marginal rate of transformation

D. Trade at Swedens marginal rate of transformation

8160. In autarky, when a community maximizes its standard of living its production point is ?
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A. on the production possibility frontier

B. below the production possibility frontier

C. above the production possibility frontier

D. cant tell without more information

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