economics MCQs – Page 50

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 Review each marked answer and report any item that may be outdated or unclear.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

981. If a product is an inferior good ?
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A. Demand in inversely related to price

B. Demand is inversely related to the price of substitutes

C. Demand is inversely related to income

D. Demand is directly related to price

982. According to the Laffer curve, as tax rates increase tax revenue ?
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A. initially decrease and then increase.

B. initially increase and then decrease

C. rise continuously

D. decrease continuously.

983. The marginal tax rate is ?
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A. total income divided by total taxes paid

B. total taxes paid divided by total income

C. the extra taxes paid on an additional unit of income

D. the taxes paid by the marginal worker

984. Marginal revenue is the ________ when output is __________?
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A. Change in total revenue, increase by one unit

B. change in average revenue, increased by one unit

C. change in total revenue increased

D. Change in average revenue, increased

985. According to the model of aggregate supply and aggregate demand in the long run an increase in the money supply should cause ?
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A. Prices to fall and output to fall

B. Prices to rise and output to rise

C. Price to fall and output to remain unchanged

D. prices to rise and output to remain unchanged

986. Privatization is the transfer of ?
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A. government businesses to the private sector.

B. corporately owned businesses to individuals

C. publicly held stock to private individuals

D. privately owned businesses to the government sector

987. If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?
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A. 0.25

B. -0.25

C. -4

D. 4

988. Refer to Exhibit 4. If a tax is placed on the product in this market consumer surplus is the area ?
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A. A

B. A + B + E

C. A + B +C + D

D. D

989. An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is ?
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A. 2

B. -2

C. +0.5

D. -0.5

990. If I purchase a stereo from South Korea, I obtain the stereo and South Korea obtains the dollars But if I purchase a stereo produced in the Pakistan I obtain the stereo and the rupees remain in Pakistan, This line of reasoning is ?
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A. deceiving since the dollars spent on a stereo built in the Pakistan eventually wind up overseas

B. deceiving since Koreans eventually spend the dollars on Pakistani goods

C. valid for stereos, but nor for most products imported by Pakistan

D. valid for most products imported by Pakistan but not for stereos

991. Which of the following is not a quasi-public good ?
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A. an automobile

B. fire protection

C. national defense

D. libraries

992. If the government increases investment tax credits and reduces taxes on the return to saving at the same time ?
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A. the real interest rate should rise

B. the impact on the real interest rate is indeterminate

C. the real interest rate should not change

D. the real interest rate should fall

993. A financial intermediary is a middleperson between ?
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A. labor unions and firms

B. borrowers and lenders.

C. husbands and wives.

D. buyers and sellers

994. A tariff can _______ raise a countrys welfare?
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A. never

B. always

C. sometimes

D. None of these

995. A development bank based in London, which loans funds to governments of Eastern Europe and the former Soviet Union is the ?
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A. European Bank for Reconstruction and Development

B. World Bank

C. OECD

D. Transitional Monetary Fund

996. An increase in aggregate demand will have most effect on prices if ?
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A. Aggregate supply has a unitary price elasticity

B. Aggregate supply is price inelastic

C. Aggregate demand is price inelastic

D. Aggregate supply is price elastic

997. Refer to Exhibit 4. If there is no tax placed on the product in this market, producer surplus is the area ?
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A. A + B + E

B. D

C. C + F

D. C + D + F

998. Reaganomics was a radical shift in policy aimed at directly tackling ?
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A. the charities economy

B. the supply side of the country

C. the demand side of the economy

D. the underground economy

999. Suppose that Pakistan imposes a tariff on ballpoint pens of 25 rupees per pen plus 12 percent of the pens value, this is an example of a (an) ?
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A. effective tariff

B. compound tariff

C. specific tariff

D. ad valorem tariff

1000. With free trade the total quantity of imports would equal ?
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A. 50,000 units

B. 10,000 units

C. 42,000 units

D. 40,000 units

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