economics MCQs – Page 448

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 Review each marked answer and report any item that may be outdated or unclear.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

8941. Annual GNP growth of 6% poverty reduced by 1% point of the population Balance of payments deficit not in excess of $200 million For a planner, the above are ?
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A. achieved only through socialism

B. bound by soft budget

C. recurrent expenditures

D. target variables

8942. The input-output table, when divided vertically shows ?
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A. the planned public capital divided by feasible actual industrial projects public capital

B. the inputs to each industry from other industries and sectors

C. development planning and the required information on national income growth

D. how the output of each industry is distributed within the sectors of the economy

8943. Polish economist Oskar Langes model of decentralized ______ combined the advantages of market allocation with more uniform income distribution by dividing the returns from social ownership of nonhuman productive resources among the whole population ?
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A. mixed economy

B. monopoly

C. capitalism

D. market socialism

8944. Takatoshi Ito (1992) contends that parliamentary governments manipulate the timing of _____ while presidential governments manipulate the timing of _____?
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A. economic policies; political policies

B. monetary policy, fiscal policy

C. tax collection, tax implementation

D. elections; economics policies

8945. Which of the following is not a public policy to promote the private sector ?
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A. Creating markets, including commodity markets, security exchanges, banks credit facilities and insurance companies

B. Providing adequate infrastructure for public and private agencies

C. Investigating development potential through scientific and market research and natural resources surveys

D. Increasing market monopolies and oligopolies to help producers

8946. Collusion is difficult for an oligopoly to maintain ?
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A. because, in the case of oligopoly self-interest is in conflict with cooperation.

B. all of these answers

C. because antitrust laws (also known as competition laws) make collusion illegal

D. if additional firms enter of the oligopoly

8947. A situation in which oligopolists interacting with one another each choose their best strategy given the strategies that all the other oligopolists have chosen is known as a ?
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A. collusion solution

B. cartel

C. Nash equilibrium

D. dominant strategy.

8948. In Game Theory ?
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A. Firms collude as part of cartel

B. Firms are assumed to act independently

C. Firms consider the actions of others before deciding what to do

D. Firms are assumed to cooperate with each other

8949. Many economics argue that resale price maintenance ?
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A. has a legitimate purpose of stopping discount retailers from free riding on the services provided by full services retailers?

B. is price fixing and, therefore is prohibited by law

C. enhances the market power of the producer

D. is price fixing and therefore, is prohibited by law and enhances the market power of the producer

8950. When an oligopolist individually chooses its level of production to maximize its profits, it produces an output that is ?
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A. less than the level produced by a monopoly and more than the level produced by a competitive market

B. more than the level produced by either monopoly or a competitive market

C. less than the level produce by either monopoly or a competitive market

D. more than the level produced by a monopoly and less than the level produced by a competitive market

8951. Suppose that ABC publishing sells an economics textbook and accompanying study guide. Raheel is willing to pay Rs75 for the text and Rs15 for the study guide. Mariam is willing to spend Rs60 for the text and Rs25 for the study guide. Suppose both the book and study guide have a zero marginal cost of study production. If ABC publishing engages in tying the two products its best strategy is to charge a combined price of ?
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A. Rs 75

B. Rs 60

C. Rs 85

D. Rs 90

8952. In the kinked Demand Curve theory it is assumed that ?
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A. An increase in price by the firm is followed by others

B. A decrease in price by the firm is followed by others

C. Firms collude to fix the price

D. An increase in price by the firm is not followed by others

8953. Suppose an oligopolist individually maximizes its profits. When calculating profits, if the output effect exceeds the price effect on the marginal unit of production, then the oligopolist ?
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A. is in a Nash equilibrium

B. Should produce more units

C. Should produce fewer units

D. has maximized profits.

E. should exit the industry.

8954. In a cartel member firms may be given a fixed amount to produce. This is called a ?
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A. Limit

B. Factor

C. Quotient

D. Quota

8955. In the Kinked demand curve theory ?
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A. non-price competition is likely

B. Demand is price inelastic

C. There is a kink in the marginal cost curve

D. Demand is price elastic

8956. A model of Game theory of oligopoly is known as the ?
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A. Jury Box

B. Monopoly Cell

C. Prisoners Dilemma

D. Jailhouses Sentences

8957. Suppose that ABC publishing sells an economics textbook and accompanying study guide. Raheel is willing to pay Rs75 for the text and Rs15 for the study guide. Mariam is willing to spend Rs60 for the text and Rs25 for the study guide. Suppose both the book and study guide have a zero-marginal cost of study production. If ABC publishing charges separate price for both products its best strategy is to charge price that when combined, total ?
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A. Rs 85

B. Rs 75

C. Rs 80

D. Rs 60

8958. The Kinked Demand curve theory assumes ?
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A. Firms cooperate

B. Firms act as part of cartel

C. Firms are not profit maximisers

D. Firms are competitive

8959. The market for hand tools (such as hammers and screwdrivers) is dominated by Draper Stanley, and Craftsman This market is best described as ?
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A. an oligopoly

B. monopolistically competitive

C. competitive

D. a monopoly

8960. If oligopolists engage in collusion and successfully from a cartel, the market outcome is ?
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A. the same as if it were served by competitive firms.

B. efficient because cooperation improves efficiency

C. the same as if it were served by a monopoly.

D. known as a Nash equilibrium

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