economics MCQs – Page 436

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 Review each marked answer and report any item that may be outdated or unclear.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

8701. Boeing aircraft company was able to over its production costs of the first jumbo jetll in the seventies because Boeing could market it to several foreign airlines in addition to domestic airlines. This illustrates ?
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A. How a natural monopoly is forced to behave more competitively with international trade

B. How economies of scale make possible a larger variety of products in international trade

C. How a natural monopoly is forced to behave less competitively with international trade

D. A transfer of wealth from domestic consumer to domestic producer as the result of trade

8702. According to the trade theory of Staffan Linder trade tends to be most pronounced in manufactured goods when trading countries have ?
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A. similar wage levels

B. similar per-capita incomes

C. similar endowments of natural resources

D. similar levels of technology

8703. Land and natural resources are considered ?
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A. non-producible

B. common property resources

C. capital accumulation

D. output

8704. An example of a transfer payment is ?
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A. Profit

B. government purchases

C. rent

D. unemployment benefits

E. wages

8705. Real GDP is measured in __________ prices while nominal GDP is measured in _________ prices?
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A. foreign; domestic

B. domestic; foreign

C. base year; current year

D. intermediate; final

E. current year; base year

8706. Many environmental resources are public goods, which are characterized by ?
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A. nonrivalry and nonexclusion in consumption

B. rivalry and exclusion in consumption

C. nonrivalry but exclusion in usage

D. rivalry but nonexclusion in production

8707. The Genuine Progress indicator is ?
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A. increasing from 1976 to 2000

B. also known as index of Sustainable Economic Welfare per capita

C. resource depletion and environmental cost divided by GDP per capita

D. GDP plus resource depletion and environmental cost

8708. Deforestation ?
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A. augments carbon restoration provided by forest

B. leads to localized flooding

C. #NAME?

D. reduces sustainable logging potential

8709. Micheal Roemers three-sector model shows that growth in the booming export sector I- reduces the price of foreign exchange II- retards other sectors growth by reducing incentives to export other commodities III- reduces incentives to replace domestic goods for imports IV- raises factor and input prices for non-booming sectors ?
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A. I and III only

B. I, II , III only IV

C. I, II and III only

D. II and III only

8710. In a boom ?
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A. Shortages may occur

B. Prices are likely to fall

C. Surpluses are likely to occur:

D. Supply will increase immediately to match demand

8711. Progress that meets the needs of the present without compromising the ability of future generations to meet their own needs is ?
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A. net primary productivity (NPP)

B. the tragedy of commons

C. the impossibility theorem

D. sustainable development

8712. UK GDP would exclude which of the following ?
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A. Lawyer services purchased by a home buyer

B. Copper purchased by tap manufacturer Bristan

C. Lawn care services purchased by a home owner.

D. The purchase of a new Nissan produced in Sunderland

E. A new art gallery purchased by the city of Newcastle

8713. The standard of living is often measured by ?
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A. Real GDP per capita

B. Real GDP plus depreciation

C. Real GDP

D. Real GDP population

8714. Biodiversity ?
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A. refers to reconstruction of tropical rainforests

B. refers to diversifying earths nonrenewable resource

C. refers to biological effects on commercial plantation

D. includes genetic species ecosystem and functional diversities

8715. The government levying taxes on polluters or charging a surcharge for pesticide use are ?
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A. internalization of negative spillover effects

B. examples of Coases theorem

C. marginal abatement cost

D. examples of a free rider

8716. In a recession a government ?
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A. Is likely to want to decrease demand in the economy

B. Is likely to want to decrease demand in the economy

C. Is likely to want to stabilise demand in the economy

D. Is likely to want to increase supply in the economy

8717. A higher GDP per capita may not means that the quality of life has really improved because ?
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A. It does not measure the quality of the items produced

B. It measures Gross Domestic Product

C. It measures wealth not income

D. It is only measured every five years:

8718. If nominal GDP in 2005 exceeds nominal GDP in 2004, then the production of output ?
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A. may have risen fallen, or stayed the same because there is not enough information to determine what happened to real output

B. must have risen

C. must have fallen

D. must have stayed the same

8719. To adjust from Gross National Product to Net National Product ?
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A. Deduct subsidies

B. Deduct depreciation

C. Deduct indirect taxes

D. Add inflation

8720. Which of the following is an example of tragedy of commons ?
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A. common use of public toilets

B. smoking in a public place

C. over fishing

D. excessive rain

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