economics MCQs – Page 438

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 Review each marked answer and report any item that may be outdated or unclear.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

8741. Which of the following country has 25 percent of the worlds estimated oil reserves and the lowest cost production as well as a dominant role in OPEC pricing ?
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A. Venezuela

B. Russia

C. Iraq

D. Saudi Arabia

8742. To adjust GDP from market prices to factor cost ?
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A. Deduct indirect taxes and add subsidies

B. Subtract subsidies

C. Add indirect taxes

D. Deduct indirect taxes and subsidies

8743. Gross Domestic Product is the sum of the market value of the ?
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A. final goods and services

B. manufactured goods

C. inferior goods and services

D. mal goods and services

E. intermediate goods

8744. The Club of Rome Study, The Limits to Growth suggests that as natural resources diminish ?
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A. costs rise, leaving less capital for future investment

B. technological change compensates for capital depletion

C. contingent valuation becomes critical

D. capital increasingly replaces labor

8745. If your grandparents buy a newly built retirement home, this transaction would affect ?
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A. consumption

B. government purchases

C. net exports

D. none of these answers

E. investment

8746. The Montreal Protocal, signed in 1987 and strengthened in 1990 ?
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A. attains the global optimal level of common property resource

B. minimizes free riders of public goods

C. relies on internationally tradable emission permits

D. reduces ozone depletion through the cutting of chlorofluorocarbon production

8747. In price discrimination, which section of the market is charged the higher price ?
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A. The section with the richest people

B. The section with the most elastic demand

C. The section with the most inelastic demand

D. The section with the oldest people

8748. When a monopolist produces an additional unit, the marginal revenue generated by that unit must be ?
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A. below the price because the price effect outweighs the output effect

B. below the price because the output effect outweighs the price effect

C. above the price because the output effect outweighs the price effect

D. above the price because the price effect outweighs the output effect

8749. A monopoly is able to continue to generate economic profits in the long run because ?
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A. Potential competitors sometimes dont notice the the profits.

B. the monopolist is financially powerful.

C. of all of the things described in these answers

D. there is some barrier to entry to that market

E. antitrust laws eliminate competitors for a specified number of years.

8750. The monopolists supply curve ?
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A. is the marginal cost curve above average total cost

B. is the marginal cost curve above average variable cost?

C. does not exist

D. is the upward-sloping portion of the average total cost curve

E. The upward-sloping portion of the average variable cost

8751. Barriers to entry do not include ?
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A. High investment costs

B. Internal economies of scale

C. Mobility of resources

D. Patents

8752. Compared to a perfectly competitive market a monopoly market will usually generate ?
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A. lower prices and lower output

B. higher prices and lower output

C. higher prices and higher output

D. lower prices and higher output

8753. In the UK the government ?
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A. Bans monopolies

B. Fines all monopolies

C. Prevents firms acquiring more than 25% of the market

D. Has the right to investigate monopolies and will assess each one on its own merits

8754. In monopoly when abnormal profits are made ?
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A. The average revenue equals the marginal cost

B. Revenue equals total cost

C. The price set is greater than the marginal cost

D. The price is less than the average cost

8755. Which of the follow statements about price discrimination is not true ?
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A. Price discrimination increases a monopolists profits.

B. Perfect price discrimination generates a deadweight loss

C. For a monopolist to engage in price discrimination buyers must be unable to engage in arbitrage.

D. Price discrimination can raise economic welfare.

E. price discrimination requires that seller be able to separate buyers according to their willingness to pay.

8756. In order to practice price discrimination which of the following is needed ?
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A. an ability to separate the market

B. all of the above

C. some degree of monopoly power

D. an ability to prevent reselling

8757. According to Schumpeter ?
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A. Monopolies are productively efficient

B. Monopolies are alocatively efficient

C. Monopolies are inefficient

D. Monopoly profits ac as an incentive for innovation

8758. Public ownership of natural monopolies ?
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A. creates synergies between the newly acquired firm and other government-owned companies.

B. tends to be inefficient.

C. usually lowers the cost of production dramatically.

D. does none of the things described in these answers

8759. This monopolist should produce ?
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A. 2

B. 1

C. 4

D. 5

E. 3

8760. In monopoly in long run equilibrium ?
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A. The firm produces at the socially optimal level

B. The firm is allocatively inefficient

C. The firm is Productively efficient

D. The firm produces where marginal cost is less than marginal revenue

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