economics MCQs – Page 422

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 Review each marked answer and report any item that may be outdated or unclear.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

8421. Which of the following statements is true about a market economy ?
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A. Market participants act as if guided by an invisible hand to produce outcomes that maximize social welfare

B. With a large enough computer, central planners could guide production more efficiently than markets.

C. Taxes help prices communicate costs and benefits to producers and consumers.

D. The strength of a market system is that it tends to distribute resources evenly across consumers.

8422. The public sector includes ?
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A. Market forces of supply and demand

B. Government ownership of assets

C. All trade via barter

D. Investors owning companies

8423. Which of the following products would be least capable of producing an externality ?
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A. cigarettes

B. stereo equipment

C. inoculations against disease

D. food

E. education

8424. A market can accurately be described as_________________?
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A. a place to sell things

B. a place where buyers and sellers meet

C. a place to buy things

D. the process by which prices adjust to reconcile the allocation of resources

8425. Which of the following activities is most likely to produce an externality?
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A. A student reads a novel for pleasure

B. A student eats a hamburger in the student union.

C. A student sits at home and watches T.V

D. A student has a party in her room in the student hall of residence.

8426. A rational person does not act unless ?
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A. The action produces marginal costs that exceed marginal benefits.

B. The action produces marginal benefits that exceed marginal costs.

C. the action is ethical

D. The action makes money for the person.

8427. The total demand for goods and services in an economy is known as_____________?
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A. gross national product.

B. economy-wide demand

C. aggregate demand

D. national demand.

8428. ________ and ___________ do not directly affect the demand curve ?
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A. the costs of production bank opening hours

B. the price of related goods preferences

C. the price of related goods consumer income

D. consumer incomes, tastes

8429. Which of the following involves a trade off ?
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A. Going to university

B. Taking a nap

C. Watching a football game on Saturday afternoon

D. All of these answers involve trade-offs

8430. If you income during one year is Rs10,000 and the following year it is Rs12,000 then it has grown by ________________?
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A. 2%

B. 12%

C. 16%

D. 20%

8431. when a market is in equilibrium ?
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A. Excess demand and excess supply are zero

B. The market is cleared by the equilibrium price

C. quantity demanded equals quantity supplied

D. All of the above

8432. Which of the following is a normative statement in economics ?
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A. More spending by the government reduces poverty

B. Higher taxes lead to less desire to work

C. The Pakistans economy is growing fast relative to other SAARC members

D. The government should concentrate on reducing unemployment

8433. A recession is ?
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A. a period of very rapidly declining prices.

B. a period of declining unemployment

C. a period during which aggregate output declines.

D. a period of declining prices.

8434. Which of the following is not one of the basic economic s ?
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A. How to produce

B. Who to produce for

C. How to maximize economic growth

D. What to produce

8435. Which of the following situations describes the greatest market power ?
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A. a students impact on college tuition

B. Microsofts impact on the price of desktop operating systems

C. a farmers impact on the price of corn

D. Subarus impact on the price f cars

8436. The sacrifice involved when you choose a particular course of action is called the?
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A. Producer cost

B. Alternative

C. Consumer cost

D. Opportunity cost

8437. The study of inflation is part of ?
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A. macroeconomics.

B. descriptive economics

C. normative economics

D. microeconomics

8438. Human wants are_______________?
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A. Likely to decrease over time

B. Limited

C. Always fixed

D. Unlimited

8439. Trade-offs are required because wants are unlimited, and resources are ?
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A. unlimited

B. Efficient

C. economical

D. Scarce

8440. Periods of less than full employment corresponds to _________________ ?
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A. points outside the production possibility curve

B. points inside the production possibility curve.

C. either points inside or outside the production possibility curve.

D. points on the production possibility curve

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