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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.

John Stuart Mill was the founder of the ?

A Theory of reciprocal demand

B Theory of absolute advantage

C Theory of comarative advantage

D Theory of mercantilism

Review Detailed Answer

Correct Answer: Theory of reciprocal demand

If the autarky price of S were lower in country A than in country B then if trade were allowed ?

A A would likely export S to B

B A would likely import S from B

C neither country would want to trade

D None of the above

Review Detailed Answer

Correct Answer: A would likely export S to B

In autarky equilibrium ?

A Production equals consumption

B Exports equal imports

C there is no trade

D All of the above

Review Detailed Answer

Correct Answer: All of the above

Given free trade, small nations tend to benefit the most from trade since they ?

A Are more productive than their large trading partners

B Are less productive than their large trading partners

C Have demand preferences and income levels lower than their large trading partners

D Realize terms of trade lying near the MRTs of their large trading partners

Review Detailed Answer

Correct Answer: Realize terms of trade lying near the MRTs of their large trading partners

The terms of trade is given by the prices ?

A Paid for all goods exported by the home country

B Received for all goods exported by the home country

C Received for exports and paid for imports

D Of primary products as opposed to manufactured products

Review Detailed Answer

Correct Answer: Received for exports and paid for imports

If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?

A constant opportunity costs

B decreasing opportunity costs

C first increasing and then decreasing opportunity costs

D increasing opportunity costs

Review Detailed Answer

Correct Answer: increasing opportunity costs

If the relative price (MRT) of S 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

Review Detailed Answer

Correct Answer: Become steeper

The Relative price (MRT)of S in terms of T i ?

A 2

B 1/2

C 00

D 1000

Review Detailed Answer

Correct Answer: 2

Country A has the comparative advantage in ?

A Wine

B Beer

C Both wine and beer

D Neither wine nor beer

Review Detailed Answer

Correct Answer: Wine

In autarky, the relative price of wine, in terms of beer, in country A is ?

A 1W = 1B

B 1W = 2B

C 1W = 3B

D 1W = 1/3B

Review Detailed Answer

Correct Answer: 1W = 3B

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Economics Mcqs 4423 MCQs [All-Courses]

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All Topics 4423

John Stuart Mill was the founder of the ?

If the autarky price of S were lower in country A than in country B then if trade were allowed ?

In autarky equilibrium ?

Given free trade, small nations tend to benefit the most from trade since they ?

The terms of trade is given by the prices ?

If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?

If the relative price (MRT) of S were to increase, then the price line would ?

The Relative price (MRT)of S in terms of T i ?

Country A has the comparative advantage in ?

In autarky, the relative price of wine, in terms of beer, in country A is ?