economics MCQs – Page 420

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 Review each marked answer and report any item that may be outdated or unclear.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

8381. If the diagram of a line shows that lower values on the vertical scale are associated with higher values on the horizontal scale this is an example of ?
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A. a negative linear relationship

B. a nonlinear relationship

C. a scatter diagrams

D. a positive linear relationship

8382. The circular flow of goods and incomes shows the relationship between?
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A. Wages and salaries.

B. income and money

C. goods and services.

D. ms and households

8383. If a price increase of good A increases the quantity demanded of good B, then good B is a________________?
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A. inferior good

B. substitute good

C. complementary good

D. bargain

8384. Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?
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A. nothing because you found the money.

B. Rs20 (because you could have used the Rs20 to buy other ghings)

C. Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.

D. Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.

E. None of these

8385. Opportunity cost is_________________?
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A. the additional benefit of buying an additional unit of a product

B. a cost that cannot be avoided. regardless of what is done in the future

C. that which we forgo, or give up, when we make a choice or a decision.

D. the cost incurred in the past before we make a decision about what to do in the future.

8386. Workers in Western Europe enjoy a high standard of living because ?
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A. Unions in Western Europe keep the wage high

B. the countries of Western Europe have set high minimum wage rates.

C. none of these answers.

D. The countries of Western Europe have protected their industries from foreign corporation

E. Workers in the united states are highly productive

8387. An increase in the price of beef providers information which ?
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A. provides no information because prices in a market system are managed by planning boards.

B. tells producers to produce more beef.

C. tells consumers to buy less pork

D. tells consumers to buy more beef.

8388. You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?
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A. Rs 800

B. Rs 500

C. Rs 1000

D. Rs 300

8389. Normative economics Forms ________ based on ________?
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A. positive statements values

B. positive statements, facts

C. opinions personal facts

D. opinions facts

8390. On a graph, a positive linear relationship___________________?
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A. moves up to the left

B. moves up to the right

C. moves down to the right

D. moves down to the left

8391. Which of the following is not part of the opportunity cost of going on holiday ?
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A. The money you could have made if you had stayed at home and worked

B. The money you spent on a theater show

C. the money you spent on food

D. The money you spend on airline tickets

8392. The free market involves ?
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A. All trade via barter

B. Market forces of supply and demand

C. The Subsidizing of products by the government

D. The free provision of products

8393. The basic economic problems will not be solved by ?
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A. Government intervention

B. The creation of unlimited resources

C. Market forces

D. A mixture of government intervention and the free market

8394. The concept of opportunity cost ?
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A. Would be relevant if we eliminated poverty

B. is relevant only for a capitalist economy like the United States.

C. Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.

D. Suggests all our wants can be achieved.

8395. A supply curve is directly affected by ?
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A. technology

B. government regulation

C. input costs

D. all of the above

8396. An increase in consumer income will increase demand for a _________ but decrease demand for a?
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A. substitute good, inferior good

B. inferior good normal good

C. normal good inferior good

D. normal good, complementary good

8397. The Phillips curve shows that ?
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A. none of these

B. inflation and unemployment are unrelated in the short run.

C. a decrease in inflation temporarily increases unemployment.

D. an increase in inflation temporarily increases unemployment.

E. the business cycle has been eliminated

8398. Microeconomics is not concerned with the behavior of ?
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A. Consumers

B. firms

C. aggregate demand

D. industries.

8399. High and persistent inflation is caused by ?
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A. OPEC raising the price of oil too much

B. regulations raising the cost of production too much

C. governments increasing the quantity of money too much

D. unions increasing wages too much

8400. The equilibrium price clears the market it is the price at which _________________?
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A. Buyers spend all their money

B. Everything is sold

C. Excess demanded equals quantity

D. C and D

E. Quantity demanded equal quality supplied

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