economics MCQs – Page 416

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 Review each marked answer and report any item that may be outdated or unclear.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

8301. The European Monetary Union is an example of a ?
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A. customs union

B. free trade area

C. reciprocal trade agreement

D. monetary union

8302. The European Union is an example of a/an ?
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A. economic union

B. free trade area

C. common market

D. customs union

8303. Which factor of production in the United States is most likely to be made worse off (its factor payment will decrease) because of the North American Free Trade Agreement ?
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A. land

B. skilled labor

C. unskilled labor

D. Capital

8304. If A imposes a per unit tariff of $10 on imports from both B and C A will import ?
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A. 400 units from B and 200 units from C

B. 400 units from B

C. 200 units from each

D. 200 units from C

8305. As of 2002, the ________ became the official currency union of the European Monetary System ?
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A. euro

B. mark

C. franc

D. dollar

8306. Under the EUs Common Agricultural Policy, a variable import levy equals the ?
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A. support price of the EU

B. amount by which the world price exceeds the EUs support price

C. amount the which the EUs support price exceeds the world price

D. world price

8307. The Common Agricultural Policy of the European Union has ?
0

A. decrease American farm exports to the EU

B. lowered the price of American farm exports to the EU

C. increase American farm exports to the EU

D. not affected the price of American farm exports to the EU

8308. If A forms a customs union with C, the value of trade diversion will be ?
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A. $10,000

B. $20,000

C. $0

D. $40,000

8309. Which country is not a member of the European Union ?
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A. Iceland

B. Germany

C. Spain

D. France

8310. Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is ________ and the total number of countries forming the customs union is _________?
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A. relatively high; relatively large

B. relatively high; relatively small

C. relatively low ; relatively small

D. relatively low ; relatively large

8311. Criticisms against the North American Free Trade Agreement include all of the following except ?
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A. None of the above

B. American jobs will be lost to workers in Mexico

C. wages in the United States will rise relative to Mexican wages

D. The environment is not adequately protected by NAFTA

8312. ________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries ?
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A. trade creation

B. trade exclusion

C. trade diversion

D. trade distortion

8313. The NAFTA is a ?
0

A. monetary union

B. free trade area

C. customs union

D. common market

8314. The implementation of a common market involves all of the following except ?
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A. a common tariff levied in imports from nonmembers

B. elimination of trade restrictions among member countries

C. prohibition to restriction on factor movements

D. a common tax system and monetary union

8315. Trade diversion takes place when ?
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A. economic integration results in a movement in product origin to a lower cost member country

B. a country moves from autarky to free trade

C. economic integration results in a shift in product origin from a lower-cost, nonmember country to a member country having higher costs

D. a movement to a customs union reduces the costs of trade through standardization economic integration results in a

8316. In free trade A will import ?
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A. 600 units from country C and 400 units from country B

B. 600 units from country C

C. 700 units from country C

D. 700 units from country C and 600 units from country B

8317. A positive, dynamic effect of economic integration is illustrated by ?
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A. decrease customs costs

B. economy-of-scale effect

C. trade diversion effect

D. increased monopoly power of firms

8318. If A forms a customs union with B, A will import ?
0

A. 400 units from B

B. 200 units from each

C. 400 units from B and 200 units from C

D. 200 units from C

8319. Under the Common Agricultural Policy exports of any surplus quantities EU produce are encouraged through the usage of ?
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A. export subsidies

B. variable levies

C. countertrade

D. trigger prices

8320. _________ is said to exist when the formation of a regional trading group leads to an expansion of trade above pregroup levels ?
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A. trade creation

B. trade exclusion

C. trade diversion

D. trade distortion

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