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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.

In autarky, the relative price of X, in terms of Y in A would be ?

A 1/2 Y

B 3/4 Y

C 1 Y

D 4/3 Y

Review Detailed Answer

Correct Answer: 4/3 Y

If the countries were to trade along the lines of absolute advantage ?

A A would export X to B

B B would import Y from A

C Neither country would want to trade

D None of the above

Review Detailed Answer

Correct Answer: B would import Y from A

Country A has an absolute advantage in__________?

A Product X

B Product Y

C Neither X nor Y

D Both X and Y

Review Detailed Answer

Correct Answer: Product Y

Absolute advantage is determined by ?

A actual differences in labor production between countries

B relative differences in labor productivity between countries

C Both (a) and (b)

D Neither (a) nor (b)

Review Detailed Answer

Correct Answer: actual differences in labor production between countries

According to the Classical theory of international trade ?

A Only countries with low wages will export

B Only countries with high wages will import

C Countries with high wages will have higher prices

D All of the above are false

Review Detailed Answer

Correct Answer: All of the above are false

The classical trade theories of Smith and Ricardo predict that ?

A Countries will completely specialize in the production of export goods

B Considerable trade will occur between countries with different levels of technology

C Small countries could obtain of the gains from trade when trading with large countries

D All of the above

Review Detailed Answer

Correct Answer: All of the above

International trade is based on the nation that ?

A Different currencies are an obstacle to international trade

B Goods are more mobile internationally than are resources

C Resources are more mobile internationally that are goods

D A country’s exports should always exceed its imports

Review Detailed Answer

Correct Answer: Goods are more mobile internationally than are resources

If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?

A Trade would depend on difference in demand conditions

B Trade would depend on economies of large-scale production

C Trade would depend on the use of different currencies

D There would be no basis for gainful trade

Review Detailed Answer

Correct Answer: Trade would depend on difference in demand conditions

With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel ?

A One DVD

B Two DVDs

C Three DVDs

D Four DVDs

Review Detailed Answer

Correct Answer: One DVD

With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD ?

A One-half ton of steel

B One ton of steel

C Two tons of steel

D Two and one-half tons of steel

Review Detailed Answer

Correct Answer: Two tons of steel

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Economics Mcqs 4423 MCQs [All-Courses]

All Topics 4423

All Topics 4423

In autarky, the relative price of X, in terms of Y in A would be ?

If the countries were to trade along the lines of absolute advantage ?

Country A has an absolute advantage in__________?

Absolute advantage is determined by ?

According to the Classical theory of international trade ?

The classical trade theories of Smith and Ricardo predict that ?

International trade is based on the nation that ?

If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?

With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel ?

With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD ?