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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

Demand for a normal product may shift outwards if ?
A Price decreases
B The price of a substitute falls
C The price of a complement rises
D income falls
Correct Answer: The price of a substitute falls
Which best describes a demand curve ?
A the quantity consumers would like to buy in an ideal world
B The quantity consumers are willing to sell
C The quantity consumers are willing and able to buy at each and every income all other things unchanged
D The quantity consumers are willing and able to buy each and every price all other things changed
Correct Answer: The quantity consumers are willing and able to buy each and every price all other things changed
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 ?
A -4
B 0.25
C 4
D -0.25
Correct Answer: 0.25
The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is ____________?
A elastic
B perfectly elastic
C unitarily elastic
D inelastic.
Correct Answer: elastic
The price elasticity of demand is the ?
A ratio of the change in price to the change in quantity demanded.
B ratio of the percentage change in quantity demanded to the percentage change in price.
C ratio of the change in quantity demanded to the change in price.
D ratio of the percentage change in price to the percentage change in quantity demanded.
Correct Answer: ratio of the percentage change in quantity demanded to the percentage change in price.
Market equilibrium exists when _________ at the prevailing price?
A quantity demanded equals quantity supplied
B quantity demanded is less than quantity supplied
C quantity supplied is greater than quantity demanded
D quantity demanded is greater than quantity supplied
Correct Answer: quantity demanded equals quantity supplied
The price of computer chips used in the manufacture of personal computers has fallen. This will lead to _________ personal computer?
A a decrease in the quantity supplied of
B a decrease in the supply of
C an increase in the quantity supplied of
D an increase in the supply of
Correct Answer: an increase in the supply of
Which of the following will NOT cause a shift in the demand curve for compact discs ?
A A change in wealth
B A change in the price of compact discs
C A change in income.
D
Correct Answer: A change in the price of compact discs
Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are ?
A perfect substitutes
B complements
C unrelated goods.
D substitutes.
Correct Answer: complements
Demand curves are derived while holding constant ?
A incomes, tastes, and the price of other goods.
B income, tastes, and the price of the good.
C income and tastes
D tastes and the price of other goods
Correct Answer: incomes, tastes, and the price of other goods.
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