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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.

The arrangement where goods imported from trading partners in the developing world are subject to lower tariff rates than goods from other countries is referred to as ?

A normal trade relation status

B most favored nation status

C offshore assembly provisions

D Generalized System of Preferences

Review Detailed Answer

Correct Answer: Generalized System of Preferences

Concerning the hypothesis that there has occurred a long run deterioration in the developing countries terms of trade empirical studies provide ?

A mixed evidence that does not substantiate the deterioration hypothesis

B overwhelming support for the deterioration hypothesis

C overwhelming opposition to the deterioration hypothesis

D None of the above

Review Detailed Answer

Correct Answer: mixed evidence that does not substantiate the deterioration hypothesis

Which industrialization policy have developing countries used which places emphasis on the comparative advantage principle as a guide to resource allocation ?

A export promotion

B import promotion

C international commodity agreements

D multilateral contracts

Review Detailed Answer

Correct Answer: export promotion

If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?

A be flat (horizontal)

B slope upward

C slope downward

D be U-shaped.

Review Detailed Answer

Correct Answer: be U-shaped.

When marginal costs are below average total costs ?

A average fixed cost is rising

B average total cost is falling

C average total cost is raising

D average total cost is minimized

Review Detailed Answer

Correct Answer: average total cost is falling

Which of the following statements is true ?

A All costs are fixed in the short run.

B All costs are variable in the long run

C All costs are variable in the short run

D All costs are fixed in the long run

Review Detailed Answer

Correct Answer: All costs are variable in the long run

If a production function exhibits diminishing marginal product. its slope ?

A is linear (a straight line)

B becomes steeper as the quantity of the input increase

C could be any of these answers

D becomes flatter as the quantity of the input increase

Review Detailed Answer

Correct Answer: becomes flatter as the quantity of the input increase

Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The economics profit at Naila’s pottery factory is ?

A Rs80,000

B Rs30,000

C Rs75,000

D Rs70,000

Review Detailed Answer

Correct Answer: Rs30,000

Economic profit is equal to total revenue minus ?

A variable costs

B implicit costs

C explicit costs

D marginal costs

Review Detailed Answer

Correct Answer: implicit costs

The efficient scale of production is the quantity of output that minimizes ?

A average fixed cost

B average total cost

C average variable cost

D marginal cost

Review Detailed Answer

Correct Answer: average total cost

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Economics Mcqs 4423 MCQs [All-Courses]

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All Topics 4423

The arrangement where goods imported from trading partners in the developing world are subject to lower tariff rates than goods from other countries is referred to as ?

Concerning the hypothesis that there has occurred a long run deterioration in the developing countries terms of trade empirical studies provide ?

Which industrialization policy have developing countries used which places emphasis on the comparative advantage principle as a guide to resource allocation ?

If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?

When marginal costs are below average total costs ?

Which of the following statements is true ?

If a production function exhibits diminishing marginal product. its slope ?

Economic profit is equal to total revenue minus ?

The efficient scale of production is the quantity of output that minimizes ?