economics MCQs – Page 434

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 Review each marked answer and report any item that may be outdated or unclear.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

8661. Which types of forest mostly grow in the below of land lying between 50 N and 70 N ?
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A. Temperate deciduous forests

B. None of the above

C. Tropical evergreen forests

D. Temperate coniferous forests

8662. The low heating capacity of which of the types of coal reduces its value as an industrial fuel ?
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A. Lignite

B. Peat

C. Bituminous coal

D. Anthracite

8663. The Heckscher-Ohl in model rules out the classical models basis for trade by assuming that _________ is (are) identical between countries?
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A. factor endowments

B. factor intensities

C. opportunity costs

D. technology

8664. If tastes are identical between countries, then comparative advantage is determined by ?
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A. demand conditions only

B. supply and demand conditions

C. supply condition only

D. cant tell without more information

8665. The trade model of the Swedish economies Heckscher and Ohlin maintains that ?
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A. The division of labor is limited by the size of the world market

B. Absolute advantage determines the distribution of the gains from trade

C. Comparative advantage determines the distribution of the gains from trade

D. A country exports goods for which its resource endowments are most suited

8666. In his empirical test of comparative advantage Wassily Leontief found that ?
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A. U.S imports are labor intensive relative to U.S exports

B. U.S exports are neither labor nor capital intensive

C. None of the above

D. U.S exports are capital intensive relative to U.S imports

8667. Intra-industry trade theory ?
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A. Explains why the United States might export autos and import clothing

B. ignores seasonal considerations for agricultural goods

C. Assumes that transport costs are very low or do not exist

D. Explains why the United States might export and import differentiated versions of the same product such as different types of autos

8668. Should international transportation costs decrease the effect on international trade would include a (an) ?
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A. Smaller gain from trade

B. Decline in the income of home producers

C. increase in the volume of trade

D. Decrease in the level of specialization in production

8669. One of the predictions of the Heckscher-Ohlin model is that ?
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A. countries with different factor endowments but similar technologies and preferences will have a strong basis for trade with each other

B. countries with tend to specialize but not completely in their comparative advantage good

C. reciprocal demand leads to an equilibrium terms of trade by inducing change in both demand and supply

D. All of the above

8670. By reducing the volume of trade transportation costs tend to ?
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A. eliminate all of the feasible gains from international trade

B. ensure that the process of product price equalization and factor price equalization are complete

C. stop the process of product price equalization and factor price equalization before they are complete:

D. maximize all of the feasible gains from international trade

8671. The analyzes the income distribution effects of trade in the short run when resources are immobile among industries ?
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A. Stolpher-Samuelson theory

B. specific factors theory

C. factor endowment theory

D. overlapping demand theory

8672. According to the Heckscher-Ohlin model ?
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A. The gainers from trade outnumber the losers from trade

B. The scarce factor necessarily gains from trade

C. None of the above

D. everyone automatically gains from trade

8673. In his empirical tests, Wassily Leontief used an input-output table to ?
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A. calculate the labor productivity of America workers relative to foreign workers

B. calculate the capital and labor required to produce $1 million of U.S exports and imports

C. calculate the capital productivity of American capital relative to foreign capital

D. All of the above

8674. Interindustry trade can be explained by all of the following except ?
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A. high per capita incomes in exporting countries

B. different growing seasons of the year for agricultural products

C. product differentiation for good such as automobiles

D. high transportation costs as a proportion of product value

8675. The comparative advantage model of Ricardo was based on ?
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A. income conditions underlying specialization and trade

B. interindustry specialization and trade

C. demand conditions underlying specialization and trade

D. intraindustry specialization and trade

8676. The factor endowment model of international trade was developed by ?
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A. David Ricardo

B. Eli Heckscher and Bertil Ohlin

C. Adam Smith

D. John Stuart Mill

8677. Wassily Leontief used an input output table in order to test the ?
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A. Linder theory of overlapping demand

B. Heckscher Ohl in theory of comparative advantage

C. Ricardian theory of comparative advantage

D. All of the above

8678. Which trade theory contends that a country that initially develops and exports a new product may eventually become an importer of it and may no longer manufacture the product ?
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A. Theory of factor endowments

B. Economies of scale theory

C. Product life cycle theory

D. Theory of overlapping demands

8679. Declining costs per unit of output results from international trade especially if ?
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A. International trade affords producers monopoly power

B. National governments levy imports tariffs and quotas

C. Economies of scale exist for producers

D. Producing goods entails increasing costs

8680. Leontiefs result were considered paradoxical because the United Stated was believed to be ?
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A. All of the above

B. technologically efficient relative to the rest of the world

C. labor abundant relative to the rest of the world

D. capital abundant relative to the rest of the world

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