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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.

If the relative price (MRT) of S were to increase, then the price line would ?

A shift out in a parallel fashion

B shift in a parallel fashion

C Become steeper

D Become flatter

Review Detailed Answer

Correct Answer: Become steeper

The Relative price (MRT)of S in terms of T i ?

A 2

B 1/2

C 00

D 1000

Review Detailed Answer

Correct Answer: 2

Country A has the comparative advantage in ?

A Wine

B Beer

C Both wine and beer

D Neither wine nor beer

Review Detailed Answer

Correct Answer: Wine

In autarky, the relative price of wine, in terms of beer, in country A is ?

A 1W = 1B

B 1W = 2B

C 1W = 3B

D 1W = 1/3B

Review Detailed Answer

Correct Answer: 1W = 3B

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

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Economics Mcqs 4423 MCQs [All-Courses]

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All Topics 4423

If the relative price (MRT) of S were to increase, then the price line would ?

The Relative price (MRT)of S in terms of T i ?

Country A has the comparative advantage in ?

In autarky, the relative price of wine, in terms of beer, in country A is ?

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 ?