economics MCQs – Page 447

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 Review each marked answer and report any item that may be outdated or unclear.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

8921. The national security argument for protection is more likely to be valid when ?
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A. The industry is characterized by increasing returns to scale

B. The protected industry provides invaluable goods during periods of war

C. The purpose is to maintain protection for an indefinite time period

D. The economy operates during a recession

8922. A tariff can _______ raise a countrys welfare?
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A. always

B. sometimes

C. None of these

D. never

8923. If a small country imposes a tariff on an imported good, its terms of trade will ?
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A. not change

B. any of these

C. improve

D. worsen

8924. With the tariff, the quantity of imports falls to ?
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A. 20,000 units

B. 42,000 units

C. 12,000 units

D. 30,000 units

8925. If a nation fitting the criteria for the small nation model imposes a 10 percent tariff on imports of autos ?
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A. The price of autos within the nation will rise by more than 10 percent

B. The price of autos will not rise because of internal competition

C. The price of autos within the nation will rise by 10 percent

D. The price of autos within the nation will rise by less than 10 percent

8926. _______ represents the difference between what consumer have to pay for a product and what they are willing and able to pay ?
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A. consumer surplus

B. government surplus

C. producer surplus

D. deadweight surplus

8927. Concerning import tariffs of the United States empirical studies tend to conclude that these tariffs are ?
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A. deflationary and thus result in reductions in the price of imports

B. Progressive and thus bear down on the wealthy

C. proportional and thus bear down on all consumers in the same manner

D. regressive and thus bear down on the poor

8928. Governments use of coordinated policies to achieve national economic objectives is ?
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A. public physical policy

B. development planning

C. entrepreneurial programs

D. commanding heights

8929. Branko Horvats historical review of the last two and one-half century indicates that in large part market or decentralized socialism ?
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A. has failed

B. is widely used in sub Saharan Africa

C. is the only way to eradicate poverty?

D. works well in Utopia

8930. Planning in many LDCs has failed because detailed programs for the public sector have not been worked out and ?
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A. governments depend primarily on their colonial masters

B. the brain drains cost government substantially

C. monopolies dominate in the agricultural sector

D. excessive controls are used in the private sector

8931. Deepak Lal argues that development economics is dominated by _______ approach that favors government intervention into LDC prices?
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A. Commanding heights

B. dirigiste

C. Keynesian

D. soft budget

8932. Under Soviet-type economy-wide central planning ?
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A. resources are privately owned by capitalists

B. most resource lack freedom to move to their highest value uses

C. resources owned by private entities moves to efficient use but not those owned publicly

D. resources are free to move to their lowest cost uses

8933. According to Oskar Langes model socialist enterprises should produce where ?
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A. The monopoly profit maximization rule applies

B. marginal revenue equals average cost

C. total revenue equals total cost

D. Product price equals marginal cost

8934. Goals are achieved through ____ such a monetary fiscal, exchange rate tariff tax subsidy, business incentive foreign investment and foreign aid?
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A. indicative plan

B. central planning

C. instrument variables

D. central bank policies

8935. Worker-managed socialism helped contribute to ________ s rapid economic growth from 1959 to 1979?
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A. Vietnam

B. Yugoslavia

C. Japan

D. Chile

8936. A state planning ideology arose in LDCs as a reaction to nationalist perceptions of ?
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A. slow economic growth under colonial capitalism

B. western countries, nation-state ideology

C. minimizing public spending in the rural areas

D. Keeping balanced budget, a price target

8937. Which of the following assumptions underlying input-output analysis raises about its validity ?
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A. There are no externalities so that the total effect of carrying out several activities is the sum of the separate effects

B. #NAME?

C. There is no technical change

D. The technical coefficients are fixed which means so substitution between inputs occurs

8938. The market efficiently allocates scarce resource among alternative ends such that ?
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A. #NAME?

B. Production resources hire out to maximize income)

C. the market distributes income among rich individuals

D. consumers receive goods for which they are willing to pay

8939. Most mixed or capitalist developing countries are limited to an indicative plan, which indicates expectations, aspirations, and intentions ?
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A. of implementation through foreign aid

B. but falls short of authorization

C. with immediate implementation

D. of the central bank

8940. A medium-term plan can be a(n) ________ revised at the end of each year?
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A. rolling plan

B. perspective plan

C. instrument variable

D. seasonal expenditure

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