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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

Unions tend to increase the disparity in pay between insiders and outsiders by ?
A increasing the wage in the Unionized sector, Which may create a decrease in the supply of workers in the non-unionized sector
B Increasing the demand for workers in the Unionized sector
C decreasing the demand for workers in the Unionized sector
D Increasing the wage in the Unionized sector which may create an increase in the supply of workers in the non-unionized sector
Correct Answer: Increasing the wage in the Unionized sector which may create an increase in the supply of workers in the non-unionized sector
Union might increase efficiency in the case Where they ?
A Raise the wage for insiders above the competitive equilibrium
B Lower the wage of local outsiders
C Offset the market power of a large firm that is the dominant employer in a region
D Threaten a strike but don’t actually follow through so there are not lost hours of work
Correct Answer: Offset the market power of a large firm that is the dominant employer in a region
If, for any reason the wage is held above the competitive equilibrium wage?
A The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment
B Unions will likely Strike and the wage will fall to equilibrium
C The quantity of labour demanded will exceed the quantity of labour supplied and there will be a labour shortage
D The quality of workers in the applicant pool will tend to fall
Correct Answer: The quantity of labour supplied will exceed the quantity of labour demanded and there will be Unemployment
A minimum wage law tends to ?
A Help all teenagers because they receive a higher wage than they would otherwise
B have no impact on unemployment as long as it is set above the competitive equilibrium wage
C Create more Unemployment is high-skill job markets than in low-skill job markets
D Create more unemployment in low-skill job markets than in high-skill job markets
Correct Answer: Create more unemployment in low-skill job markets than in high-skill job markets
Refer to Figure 1. The unemployment rate is ?
A 3.2 Percent
B 5.7 Percent
C 5.8 Percent
D Not Enough
Correct Answer: 5.8 Percent
According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ?
A Employed
B Not in the labour force
C A discouraged worker
D Unemployed
Correct Answer: Not in the labour force
TO reduce cyclical unemployment the government might ?
A Increase the budget surplus
B Increase the balance of payment deficit
C Reduce interest rates
D Reduce government expenditure
Correct Answer: Reduce government expenditure
Reducing involuntary unemployment ?
A Helps the economy move on the to Production Possibility Frontier
B Helps shift the economy’s Production Possibility Frontier outwards
C Helps the economy move along its Production Possibility Frontier
D Helps the economy move inside the Production Possibility Frontier
Correct Answer: Helps the economy move on the to Production Possibility Frontier
Occupational immobility of labour occurs if ?
A People lack information
B People do not want to work
C People do not have the right skills to work
D People cannot afford to move location
Correct Answer: People do not have the right skills to work
If the real wage is too high in the labour market ?
A The quantity demanded of labour is higher than the quantity supplied
B The quantity demanded of labour equals the quantity supplied
C The quantity demanded of labour is lower than the quantity supplied
D It will automatically adjust in the short run to bring equilibrium
Correct Answer: The quantity demanded of labour equals the quantity supplied
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