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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

Suppose two economists are arguing about policies that deal with unemployment. One economist says. The government could lower unemployment by one percentage point if it would just increase government spending by 50 billion dollars the other economist responds Nonsense and poppycock! If the government spent an additional 50 billion dollars it would reduce unemployment by only one tenth of one percent. and that effect would only be temporary! These economists ?
A None of these answers
B Disagree because they have different scientific judgments
C really don’t disagree at all. It just appears that they disagree
D disagree because they have different values
Correct Answer: Disagree because they have different scientific judgments
Which of the following issues is related to microeconomics ?
A the impact of oil prices on car production
B The impact of money on inflation
C The impact of technology on economics growth
D The impact of the deficit on saving
Correct Answer: the impact of oil prices on car production
Positive statements are ?
A Macroeconomic
B Microeconomics
C statements of description that can be tested
D Statements of prescription that involve value judgments.
Correct Answer: statements of description that can be tested
Which of the following statements is normative ?
A Large government deficits cause an economy to grow more slowly
B People work harder if the wage is higher
C The unemployment rate should be lower
D Printing too much money causes inflation
Correct Answer: The unemployment rate should be lower
Which of the following will not shift a country’s production possibilities frontier outward ?
A an advance in technology
B an increase in the labor force
C an increase in the capital stock
D a reduction in unemployment
Correct Answer: a reduction in unemployment
Which of the following statements about microeconomics and macroeconomics is not true ?
A The study of very large industries is a topic within macroeconomics
B Macroeconomics is concerned with economy-wide phenomena
C Microeconomics is a building block for macroeconomics
D Microeconomics and macroeconomics cannot be entirely separated
Correct Answer: The study of very large industries is a topic within macroeconomics
Suppose two economists are arguing about policies that deal with unemployment One economist says the government should fight unemployment because it is the greatest social evil The other economist response Nonsense Inflation is the greatest social evil These economists ?
A really don’t disagree at all It just appears that they disagree.
B disagree because they have different values.
C none of these answers.
D disagree because they have different scientific judgments.
Correct Answer: disagree because they have different values.
In making which of the following statements is an economist acting more like a scientist ?
A A reduction in unemployment benefits will reduce the unemployment benefits will reduce the unemployment rate.
B The rate of inflation should be reduced because it robs the elderly of their savings.
C The unemployment rate should be reduced because unemployment robs individuals of their dignity.
D The state should increase subsidies to universities because the future of our country depends on education.
Correct Answer: A reduction in unemployment benefits will reduce the unemployment benefits will reduce the unemployment rate.
Economic growth is depicted by ?
A a shift in the production possibilities frontier outward.
B a movement from inside the curve toward the curve.
C a shift in the production possibilities frontier inward
D a movement along a production possibilities frontier toward capital goods.
Correct Answer: a shift in the production possibilities frontier outward.
Points on the production possibilities frontier are ?
A inefficient
B normative
C unattainable
D efficient
Correct Answer: efficient
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