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Economics Mcqs 4423 MCQs [All-Courses]

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Economics MCQs cover fundamental concepts of microeconomics and macroeconomics, including demand and supply, inflation, national income, and economic policies.
This section is designed to strengthen analytical skills and conceptual understanding for competitive examinations.
Highly useful for PPSC, FPSC, NTS, OTS, KPPSC, and other testing services preparation.

All Topics  4423

A production is technique is technically efficient if ?
A output is maximized
B inputs are minimized
C there is no way to make a given output using less of one input and no more of the other inputs
D Costs are minimized
Correct Answer: there is no way to make a given output using less of one input and no more of the other inputs
In marketing “USP” stands for ?
A Unique Selling Proposition
B Underlying Sales Proposition
C Unit Sales Point
D Under Sales Procedure
Correct Answer: Unique Selling Proposition
In Porter’s five force model conditions are more favorable for firms within an industry if ?
A Buyer power is high
B Supplier power is high
C Entry threat is low
D Substitute threat is high
Correct Answer: Substitute threat is high
Effective branding will tend to make ?
A Demand more price inelastic
B Supply more price inelastic
C Demand more income elastic
D Supply more income elastic
Correct Answer: Supply more income elastic
In monopolistic competition firms profit maximize where ?
A Marginal revenue = Average revenue
B Marginal revenue = Marginal cost
C Marginal revenue = Average cost
D Marginal revenue = Total cost
Correct Answer: Marginal revenue = Average cost
In monopolistic competition ?
A Firms face a perfectly elastic demand curve
B All products are homogeneous
C Firms make normal profits in the long run
D There are barriers to entry to prevent entry
Correct Answer: There are barriers to entry to prevent entry
If the long-run market supply curve for a good is perfectly elastic, an increase in the demand for that good will, in the long run, cause ?
A an increase in the number of firms in the market but no increase in the price of the good
B an increase the price of the good and an increase in the number of firms in the market
C an increase the price of the good but no increase in the number of firms in the market
D no impact on either the price of the good or the number of firms in the market
Correct Answer: an increase in the number of firms in the market but no increase in the price of the good
If all firms in a market have identical cost structures and if inputs used in the production of the good in that market are readily available, then the long-run market supply curve for that good should be ?
A downward sloping
B perfectly inelastic
C upward sloping
D perfectly elastic
Correct Answer: perfectly elastic
The long-run market supply curve ?
A is always more elastic than the short-run market supply curve.
B is always perfectly elastic
C has the same elasticity as the short run market supply curve
D is always less elastic than the short-run market supply curve
Correct Answer: is always more elastic than the short-run market supply curve.
In the long run, the competitive firm’s supply curve is the ?
A entire marginal cost curve
B upward-sloping portion of the average total cost curve
C portion of the marginal cost curve that lies above the average total cost curve
D upward-sloping portion of the average variable cost curve
Correct Answer: portion of the marginal cost curve that lies above the average total cost curve
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