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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

An increase in the demand for a firm’s output ?
A decrease the prosperity of the firm but increases the prosperity of the factors hired by the firm
B decreases the prosperity of both the firms and the factors hired by the firm.
C increases the prosperity of both the firm and the factors hired by the firm.
D increases the prosperity of the firm but decreases the prosperity of the factors hired by the firm.
Correct Answer: increases the prosperity of both the firm and the factors hired by the firm.
If both input and output markets are competitive and firms are profit maximizing, then in equilibrium each factor of production earns ?
A an amount equal to the price of output times total output
B the amount allocated by the political process
C an equal share of output
D the value of its marginal product
Correct Answer: the value of its marginal product
An increase in the demand for apples will cause all but which of the following ?
A a decrease in the number of apple pickers employed
B an increase in the value of the marginal product of apple pickers
C an increase in the price of apples
D an increase in the wage of apple pickers
Correct Answer: a decrease in the number of apple pickers employed
A decrease in the demand or fish ?
A decrease the value of the marginal product of fishermen reduces their wage, and reduces employment in the fishing industry
B increase the value of the marginal product of fishermen increase their wage, and increase employment in the fishing industry.
C decrease the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry
D increase the value of the marginal product of fishermen increase their wage and decreases employment in the fishing industry
Correct Answer: decrease the value of the marginal product of fishermen, reduces their wage, and increases employment in the fishing industry
The value of the marginal product of labor is ?
A the price of the output times wage of labor
B the price of the output times the marginal product of labor
C none of these answers
D the wage of labor times the quantity of labor
Correct Answer: the price of the output times the marginal product of labor
The most important factors of production are ?
A labor, land, and capital
B water, earth and knowledge
C money, stocks and bonds.
D management finance and marketing
Correct Answer: labor, land, and capital
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