MCQsDrive | MCQsDrive

Economics Mcqs 4423 MCQs [All-Courses]

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.

If a government were to fix a minimum wage for adult workers, economists would predict ?

A wages in general would fall as employers tried to hold down costs

B fewer young workers would be employed

C the costs and prices of firms employing cheap labour would increase

D there would be more unemployment

Review Detailed Answer

Correct Answer: the costs and prices of firms employing cheap labour would increase

In a free market system rationing occurs when there are increases in ?

A price

B quantity

C demand

D supply

Review Detailed Answer

Correct Answer: supply

Economics say that there has to be some from of rationing whenever ?

A inflation occurs

B there are externalities

C merit goods are produced

D there is excess demand

Review Detailed Answer

Correct Answer: there is excess demand

If a maximum price is set below equilibrium there will be ?

A A price fall

B A price increase

C Excess supply

D Excess demand

Review Detailed Answer

Correct Answer: Excess supply

A public good ?

A Is provided by the government

B Is free

C Has the properties of being non-excludable and non-diminishable

D Gas external costs

Review Detailed Answer

Correct Answer: Has the properties of being non-excludable and non-diminishable

Agricultural prices tend to be unstable because ?

A Supply is price elastic

B Demand is price elastic

C Supply is stable

D Demand and supply are price inelastic

Review Detailed Answer

Correct Answer: Demand and supply are price inelastic

If the price in a market is fixed by the government above equilibrium ?

A There is excess equilibrium

B There is excess supply

C There is excess demand

D There is equilibrium

Review Detailed Answer

Correct Answer: There is excess supply

A positive externality occurs when ?

A The social marginal costs are higher than the private marginals costs

B A product is not provided in the free market

C The social marginal cost equal the social marginal benefit

D The social marginal benefits are higher than the private marginal benefits

Review Detailed Answer

Correct Answer: The social marginal costs are higher than the private marginals costs

Income inequality can be high in the free market and should be reduced This is an example of What ?

A Judicial economic statement

B Positive economic statement

C Formative economic statement

D Normative economic statement

Review Detailed Answer

Correct Answer: Normative economic statement

A decrease in demand for a products should ?

A increase equilibrium price and quantity

B Decrease equilibrium price and quantity

C Increase equilibrium price and decrease quantity

D Decrease equilibrium price and increase quantity

Review Detailed Answer

Correct Answer: Decrease equilibrium price and quantity

Showing 1381 to 1390 of 4423 results

Contact Info

Economics Mcqs 4423 MCQs [All-Courses]

All Topics 4423

All Topics 4423

If a government were to fix a minimum wage for adult workers, economists would predict ?

In a free market system rationing occurs when there are increases in ?

Economics say that there has to be some from of rationing whenever ?

If a maximum price is set below equilibrium there will be ?

A public good ?

Agricultural prices tend to be unstable because ?

If the price in a market is fixed by the government above equilibrium ?

A positive externality occurs when ?

Income inequality can be high in the free market and should be reduced This is an example of What ?

A decrease in demand for a products should ?