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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 minimum wage law tends to ?
A Help all teenagers because they receive a higher wage than they would otherwise
B have no impact on unemployment as long as it is set above the competitive equilibrium wage
C Create more Unemployment is high-skill job markets than in low-skill job markets
D Create more unemployment in low-skill job markets than in high-skill job markets
Correct Answer: Create more unemployment in low-skill job markets than in high-skill job markets
Refer to Figure 1. The unemployment rate is ?
A 3.2 Percent
B 5.7 Percent
C 5.8 Percent
D Not Enough
Correct Answer: 5.8 Percent
According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ?
A Employed
B Not in the labour force
C A discouraged worker
D Unemployed
Correct Answer: Not in the labour force
TO reduce cyclical unemployment the government might ?
A Increase the budget surplus
B Increase the balance of payment deficit
C Reduce interest rates
D Reduce government expenditure
Correct Answer: Reduce government expenditure
Reducing involuntary unemployment ?
A Helps the economy move on the to Production Possibility Frontier
B Helps shift the economy’s Production Possibility Frontier outwards
C Helps the economy move along its Production Possibility Frontier
D Helps the economy move inside the Production Possibility Frontier
Correct Answer: Helps the economy move on the to Production Possibility Frontier
Occupational immobility of labour occurs if ?
A People lack information
B People do not want to work
C People do not have the right skills to work
D People cannot afford to move location
Correct Answer: People do not have the right skills to work
If the real wage is too high in the labour market ?
A The quantity demanded of labour is higher than the quantity supplied
B The quantity demanded of labour equals the quantity supplied
C The quantity demanded of labour is lower than the quantity supplied
D It will automatically adjust in the short run to bring equilibrium
Correct Answer: The quantity demanded of labour equals the quantity supplied
Supply side policies are most appropriate to cure ?
A Involuntary unemployment
B Cyclical unemployment
C Voluntary unemployment
D A fall in aggregate demand
Correct Answer: A fall in aggregate demand
If the minimum wage is set above the equilibrium wage rate, then another thing unchanged ?
A There will be equilibrium in the labour market
B There will excess demand in the labour market
C There will be excess supply in the labour market
D More people will be employed
Correct Answer: There will be equilibrium in the labour market
In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals?
A The average cost of labour
B The marginal product
C The marginal revenue
D The total cost of labour
Correct Answer: The total cost of labour
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