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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

The following factors are important in production_______________?
A water space air
B earth wind fire
C animal vegetable object
D technology time efficiency
Correct Answer: technology time efficiency
Today most workers in the United States are employed in the_________________?
A primary sector
B secondary sector
C tertiary sector
D quaternary sector
Correct Answer: tertiary sector
When the American Cigar Co buys a pizza chain the process is called________________?
A monopoly
B diversification
C planned obsolescence
D takeover attempt
Correct Answer: diversification
When a few powerful corporation dominate as industry the condition is called_____________?
A a free market for all
B oligopoly
C government control
D none of the above
Correct Answer: oligopoly
The Industrial Revolution shifted the emphasis in ownership from land to______________?
A gold and silver
B the means of production machines tools materials
C serfs
D precious spices
Correct Answer: the means of production machines tools materials
Socialism and communism both call for________________?
A government controlling parts of the economy for the common good
B revolutionary change
C abolition of private property
D totalitarian government and dictatorship of the proletariat
Correct Answer: government controlling parts of the economy for the common good
Consumer sovereignty means that________________?
A production depends on supply and demand
B consumers create demand
C producers supply what is demanded
D all of the above
Correct Answer: all of the above
A member of a Navajo tribe can graze his sheep on clan land but he cannot sell it Navajo land is what kind of property ?
A Public
B Private
C Communal
D Indian
Correct Answer: Communal
The production possibilities frontier refers to_______________?
A the amount of each commodity that can be produced given available resources
B unlimited production of one commodity
C limitless output of commodities
D none of the above
Correct Answer: the amount of each commodity that can be produced given available resources
Material objects found in nature are called_______________?
A land
B capital
C labor
D time
Correct Answer: land
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