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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.

Refer to Exhibit 4. If there is no tax placed on the product in this market total surplus is the area ?

A B + C + E + F

B E + F

C A + B + C + D

D A + B + C + D + E + F

Review Detailed Answer

Correct Answer: E + F

Refer to Exhibit 4. If a tax is placed on the product in this market tax revenue paid by the buyers is the area ?

A B + C + E + F

B B

C B + C

D A

Review Detailed Answer

Correct Answer: B

Refer to Exhibit 4. If a tax is placed on the product in this market consumer surplus is the area ?

A D

B A

C A + B + E

D A + B +C + D

Review Detailed Answer

Correct Answer: A

Refer to Exhibit 4. If there is no tax placed on the produced in this market consumer surplus is the area ?

A C + D + F

B A

C A + B + E

D D + C + B

Review Detailed Answer

Correct Answer: A

If people have rational expectations a monetary policy contraction that is announced and is credible could ?

A reduce inflation with little or no increase in unemployment

B Increase inflation but would decrease unemployment by an unusually large amount

C increase inflation with little or no decrease in unemployment

D reduce inflation but it would increase unemployment by an unusually large amount

Review Detailed Answer

Correct Answer: reduce inflation with little or no increase in unemployment

Refer to Exhibit 6. Suppose the economy is Operating in long-run equilibrium at point E. An unexpected monetary contraction will move the economy in the direction of point ?

A H

B F

C E

D c

Review Detailed Answer

Correct Answer: F

Refer to Exhibit 6.Suppose the economy is in long-run equilibrium at point E. A sudden increase in government spending should move the economy in the direction of point ?

A d

B G

C E

D b

Review Detailed Answer

Correct Answer: d

Refer to Exhibit 6.If People in the economy expect inflation to be 3 percent and inflation is 3 percent the economy is operating at point ?

A b

B I

C a

D H

Review Detailed Answer

Correct Answer: H

A decrease the Price of foreign oil ?

A Shifts the short-run Phillips curve downward and make the unemployment inflation trade-off less favorable

B Shifts the short run Phillips curve upward and makes the unemployment inflation trade-off more favorable

C Shifts the short run Phillips curve upward and makes the Unemployment inflation trade off more favorable

D Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Review Detailed Answer

Correct Answer: Shifts the short run Phillips curve downward and makes the unemployment inflation trade off more favorable

Which of the following would shift the long-run Phillips curve to the right ?

A An increase in the minimum wage

B An increase in the expected inflation

C An increase in the price of foreign oil

D An increase in the aggregate demand

Review Detailed Answer

Correct Answer: An increase in the minimum wage

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Economics Mcqs 4423 MCQs [All-Courses]

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Refer to Exhibit 4. If there is no tax placed on the product in this market total surplus is the area ?

Refer to Exhibit 4. If a tax is placed on the product in this market tax revenue paid by the buyers is the area ?

Refer to Exhibit 4. If a tax is placed on the product in this market consumer surplus is the area ?

Refer to Exhibit 4. If there is no tax placed on the produced in this market consumer surplus is the area ?

If people have rational expectations a monetary policy contraction that is announced and is credible could ?

Refer to Exhibit 6. Suppose the economy is Operating in long-run equilibrium at point E. An unexpected monetary contraction will move the economy in the direction of point ?

Refer to Exhibit 6.Suppose the economy is in long-run equilibrium at point E. A sudden increase in government spending should move the economy in the direction of point ?

Refer to Exhibit 6.If People in the economy expect inflation to be 3 percent and inflation is 3 percent the economy is operating at point ?

A decrease the Price of foreign oil ?

Which of the following would shift the long-run Phillips curve to the right ?