economics MCQs – Page 437

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 Review each marked answer and report any item that may be outdated or unclear.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

8721. The green house effect is the phenomenon by which ?
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A. biological diversity is dominant in agricultural production

B. the globes water pollution affects plankton

C. climatic changes occur naturally in the forest

D. the earths atmosphere traps infrared radiation

8722. According to Coases theorem when property rights are well defined and legally enforceable and transactions costs are not prohibitive ?
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A. participants will organize their transactions

B. population growth leads to rigid land rights

C. individuals overuse of the biosphere is curtailed

D. violence displacement erosion and poverty are minimized

8723. In a recession ?
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A. Unemployment is likely to be low

B. Growth is slow

C. Growth is negative

D. Prices are likely to increase

8724. The Organization of Petroleum Exporting Countries (OPEC) is a(n) _________whose members agree to limit output and fix prices?
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A. monopoly

B. entropy

C. industry

D. cartel

8725. If a cobbler buys leather for Rs100 and thread for Rs50 and uses them to produce and sell Rs500 worth of shoes to consumers the contribution to GDP is ?
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A. Rs500

B. Rs650

C. Rs100

D. Rs50

8726. GDP plus net property income from abroad equals what ?
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A. Real GDP

B. GNP

C. Depreciation

D. NNP

8727. If Pakistans GDP exceeds Pakistans GNP, then ?
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A. intermediate production exceeds final production

B. real GNP exceeds nominal GNP

C. foreigners are producing more in the Pakistan then Pakistanis are producing in foreign countries

D. real GDP exceeds nominal GDP

8728. Gross National Product equals ?
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A. Gross Domestic Product adjusted for inflation

B. Gross Domestic Product plus net property income from abroad

C. Net National Product plus net property income from abroad

D. Net National Product adjusted for inflation

8729. The value of plant and equipment worn out in the process of manufacturing goods and services is measured by ?
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A. intermediate production

B. consumption

C. depreciation

D. Net National Product

E. Investment

8730. Air pollution from automobile exhausts, and water pollution steel plants are examples of ?
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A. negative externalities

B. social distortion

C. internal spillover

D. external economies

8731. The booming of North Seas gas export revenues in the 1970s that appreciated the guilder, making industrial export more costly in foreign currencies and increasing foreign competition and unemployment is known as ?
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A. Trade deficit

B. Dutch disease

C. Economic turmoil

D. Blind river disease

8732. Which of the following would be excluded from UK GDP fro 2005? The sale of ?
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A. the value of a lawyers services

B. All of things mentioned in these answers should be counted in 2005 GDP.

C. a 2005 Honda made in Swindon

D. a haircut

8733. Theodore panayotou (1993) argues that environment degradation originates from the following EXCEPT ?
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A. defective economic policies

B. inadequate property

C. markets distortions

D. the expansion of capitalism

8734. Irreversibility refers to ?
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A. natural resource that cannot be reproduced in the future if we fail to preserve them now

B. industrialization replacing agriculture in LDCs

C. natural extinction of various species in DCs

D. obtaining intellectual property rights for products

8735. GDP would include which of the following ?
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A. the value of taking a day off from work

B. illegal drug sales

C. consulting services

D. housework

E. intermediate sales

8736. Net National Product equals ?
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A. Gross National Product minus depreciation

B. Gross Domestic Product plus net property income from abroad

C. Gross Domestic Product adjusted for inflation

D. Gross National Product adjusted for inflation

8737. Pakistans Gross Domestic Product (in contrast to Gross National Product) measures the production and income of ?
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A. Pakistan -owned firms no matter where they are located in the world

B. The domestic manufacturing sector only

C. none of these answers

D. People and factories located within the borders of the Pakistan

E. The domestic service sector only

8738. How is your purchase in Pakistan of a Rs40,000 BMW automobile that was produced entirely in Germany recorded in the Pakistans GDP accounts ?
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A. Net exports increase by Rs40,000

B. Consumption in increase by Rs40,000 and net export decreases by Rs40,000

C. Investment increased by Rs40,000 and net exports increases by Rs40,000

D. There is no impact because this transaction does not involve domestic production

8739. Gross Domestic Product can be measured as the sum of ?
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A. Net National Product Gross National Product, and Disposable personal income

B. final goods and services intermediate goods, transfer payments, and rent

C. investment wages profits and intermediate production

D. consumption investment government purchases and net exports

E. consumption transfer payments. wages and profits.

8740. Negative externality is also known as ?
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A. marginal damage

B. resource curse

C. public goods

D. external diseconomies

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