economics MCQs – Page 409

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 Review each marked answer and report any item that may be outdated or unclear.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

8161. Mercantilism ?
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A. Is the philosophy of free international trade?

B. Was a system of export promotion and barriers to imports practiced by governments?

C. Was praised by Adam Smith in the Wealth of Nations

D. Both (a) and (c)

8162. In autarky the relative price of wine, in terms of beer, in Country B is ?
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A. 1W = 6B

B. 1W = 5B

C. 1W = 3B

D. 1W = 4 1/2B

8163. If the countries were to trade along the lines of absolute advantage ?
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A. None of the above

B. Neither country would want to trade

C. B would import Y from A

D. A would export X to B

8164. If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?
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A. constant opportunity costs

B. increasing opportunity costs

C. first increasing and then decreasing opportunity costs

D. decreasing opportunity costs

8165. G. MecDougall showed in his tests that ?
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A. None of the above

B. relatively higher U.S labor productivity was associated with relatively higher U.K export ratios

C. Labor productivity ratios and export ratios were not associated with each other

D. relatively high U.K labor productivity was associated with relatively higher U.K export ratios

8166. According to the principle of comparative advantage ?
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A. South Korea should export steel and DVDs

B. South Korea should export steel

C. Japan should export steel

D. Japan should export steel and DVDs

8167. Country A has the comparative advantage in ?
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A. Wine

B. Beer

C. Both wine and beer

D. Neither wine nor beer

8168. The opportunity cost of one DVD in South Korea is ?
0

A. One ton of steel

B. One and one-half tons of steel

C. Two tons of steel

D. One-half ton of steel

8169. The classical trade theories of Smith and Ricardo predict that ?
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A. Considerable trade will occur between countries with different levels of technology

B. Small countries could obtain of the gains from trade when trading with large countries

C. All of the above

D. Countries will completely specialize in the production of export goods

8170. If the relative Price (MRT) of T were to increase, then the price line would ?
0

A. Become flatter

B. shift in a parallel fashion

C. Shift out in a parallel fashion

D. become steeper

8171. G. MacDougalls empirical results can be interpreted as ?
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A. evidence against the classical model

B. Support for the Ricardian modal

C. Support for the Heckscher-Ohlin model

D. evidence against the Heckscher-Ohlin model

8172. Country A 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

8173. Absolute advantage is determined by ?
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A. actual differences in labor production between countries

B. relative differences in labor productivity between countries

C. Both (a) and (b)

D. Neither (a) nor (b)

8174. Which countries terms of trade improved between 1990 and 2000 ?
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A. Mexico and Sweden

B. Mexico and Denmark

C. Sweden and Denmark

D. Sweden and Spain

8175. If the international terms of trade settle at a level that is between each countrys opportunity cost ?
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A. There is no basis for gainful trade for either country

B. Both countries gain from trade

C. Only one country gains from trade

D. One country gain and the other country loses from trade

8176. In autarky equilibrium ?
0

A. All of the above

B. Exports equal imports

C. there is no trade

D. Production equals consumption

8177. If countries were to trade along the lines of comparative advantage ?
0

A. A would export X to B

B. None of the above

C. A would export Y to B

D. Neither country would want to trade

8178. If a country has a liner (downward sloping) production possibilities frontier, then production is said to be subjected to ?
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A. increasing opportunity costs

B. decreasing opportunity costs

C. first increasing and then decreasing opportunity costs

D. constant opportunity costs

8179. In aukarky, when a community maximizes its standard of living, its production and consumption point is ?
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A. cant tell without more information

B. below the production possibility frontier

C. On the production possibility frontier

D. above the production possibility frontier

8180. Comparative advantage is determined by ?
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A. actual differences in labor productivity between countries

B. relative differences in labor productivity between countries

C. Both (a) and (b)

D. Neither (a) nor (b)

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