economics MCQs – Page 451

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 Review each marked answer and report any item that may be outdated or unclear.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

9001. In perfect competition ?
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A. A few firms dominate the industry

B. Firms are price makers

C. There are many buyers and sellers

D. There are many buyers but few sellers

9002. A grocery store should close at night if the ?
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A. total costs of staying open are greater than the total revenue due to staying open

B. total costs of staying open are less than the total revenue due to staying open

C. variable costs of staying open are less than the total revenue due to staying open.

D. variable costs of staying open are greater than the total revenue due to staying open

9003. If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it ?
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A. maintained production at the current level

B. increased production

C. decreased production

D. temporarily shut down.

9004. In a competitive industry each buyer and seller ?
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A. Producer different products

B. is a price taker

C. Believes that can influence price

D. Prevents the entry of competitors

9005. A production is technique is technically efficient if ?
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A. there is no way to make a given output using less of one input and no more of the other inputs

B. inputs are minimized

C. output is maximized

D. Costs are minimized

9006. Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreased marginal product of that factor, this is an example of ?
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A. decreasing returns to scale

B. The law of diminishing returns

C. an inefficient production technique

D. constant returns to scale

9007. The long-run market supply curve ?
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A. is always perfectly elastic

B. is always more elastic than the short-run market supply curve.

C. is always less elastic than the short-run market supply curve

D. has the same elasticity as the short run market supply curve

9008. If an input necessary for production is in limited supply so that an expansion of the industry raises costs for all existing firms in the market, then the long-run market supply curve for a good could be ?
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A. downward sloping

B. upward sloping

C. perfectly elastic

D. perfectly inelastic

9009. Which of the following is not one of the four Ps in marketing ?
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A. Product

B. Price

C. Place

D. Presence

9010. A competitive firm produces a level of output at which ?
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A. None of the above

B. price equals marginal cost

C. Price is greater than marginal cost

D. price is less than marginal cost

9011. In the short run a firm will produce zero output if ?
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A. price is between short run average total cost and short run average variable cost

B. price is less than short run average variable cost

C. profit is zero

D. price is greater than short run average total cost

9012. In the long run in perfect competition ?
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A. Total revenue = Total variable cost

B. price = average cost = marginal cost

C. price = average cost = total cost

D. price = marginal cost = total cost

9013. When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is?
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A. less than average cost, less than average cost

B. greater than average cost, greater than average cost

C. less than average cost, greater than average cost

D. greater than average cost, less than average cost

9014. If a firm takes over a competitor then, according to porters 5 forces model ?
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A. Supplier power is higher

B. Buyer power is higher

C. Rivalry is lower

D. Substitute threat is higher

9015. In the short run firms in perfect competition will still produce provided ?
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A. The price covers variable cost

B. The price covers average fixed cost

C. The price covers average variable cost

D. The price covers fixed costs

9016. If a competitive firm doubles its output its total revenue ?
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A. more than double

B. cannot be determined because the price of the good may rise or fall

C. doubles.

D. less than doubles.

9017. In marketing USP stands for ?
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A. Unique Selling Proposition

B. Under Sales Procedure

C. Unit Sales Point

D. Underlying Sales Proposition

9018. A profit maximizing firm is perfect competition produces where ?
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A. Total revenue is maximized

B. Marginal revenue equals zero

C. Marginal revenue equals marginal cost

D. Marginal revenue equals average cost

9019. In perfect competition ?
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A. Short run abnormal profits are competed away by the government

B. Short run abnormal profits are competed away by greater advertising

C. Short run abnormal profits are competed away by firms entering the industry

D. Short run abnormal profits are completed away by firms leaving the industry

9020. In the long-run some firms will exit the market if the price of the good offered for sale is less than ?
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A. average total cost

B. marginal cost

C. average revenue

D. marginal revenue

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