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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

In aukarky, when a community maximizes its standard of living, its production and consumption point is ?
A below the production possibility frontier
B On the production possibility frontier
C above the production possibility frontier
D can’t tell without more information
Correct Answer: On the production possibility frontier
Which countries terms of trade improved between 1990 and 2000 ?
A Mexico and Denmark
B Sweden and Denmark
C Sweden and Spain
D Mexico and Sweden
Correct Answer: Mexico and Sweden
If a country has a liner (downward sloping) production possibilities frontier, then production is said to be subjected to ?
A constant opportunity costs
B decreasing opportunity costs
C first increasing and then decreasing opportunity costs
D increasing opportunity costs
Correct Answer: constant opportunity costs
If the relative Price (MRT) of T were to increase, then the price line would ?
A Shift out in a parallel fashion
B shift in a parallel fashion
C become steeper
D Become flatter
Correct Answer: Become flatter
The relative price (MRT) of T in terms of S is ?
A 2
B 1/2
C 500
D 1000
Correct Answer: 2
Country B has the comparative advantage in ?
A Wine
B Beer
C Both wine and beer
D Neither wine nor beer
Correct Answer: Both wine and beer
In autarky the relative price of wine, in terms of beer, in Country B is ?
A 1W = 3B
B 1W = 4 1/2B
C 1W = 5B
D 1W = 6B
Correct Answer: 1W = 4 1/2B
Country A has an absolute advantage in ?
A Beer
B Wine
C Both products
D neither products
Correct Answer: neither products
If countries were to trade along the lines of comparative advantage ?
A A would export X to B
B A would export Y to B
C Neither country would want to trade
D None of the above
Correct Answer: A would export Y to B
Country B has an absolute advantage in ?
A Product X
B Product Y
C Neither X nor Y
D Both X and Y
Correct Answer: Product X
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