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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

A shift is demand will have more effect on price than quantity if ?
A The price elasticity of supply is price inelastic
B The price elasticity of supply is price elastic
C The price elasticity of supply is perfectly elastic
D The price elasticity of supply is infinity
Correct Answer: The price elasticity of supply is infinity
Which best describes consumer surplus ?
A The price consumers are willing to pray for a unit
B The cost of providing a unit
C The profits made by a firm
D The difference the price a consumer pays for an item and the price he/she is willing to pay
Correct Answer: The difference the price a consumer pays for an item and the price he/she is willing to pay
A movement along the supply curve may be caused by ?
A A change in technology
B A change in the number of producers
C A shift in demand
D A change in costs
Correct Answer: A shift in demand
A movement along the demand curve may be caused by ?
A A change in income
B A change in the number of buyers
C A change in advertising
D A shift in supply
Correct Answer: A shift in supply
Assuming a downward sloping demand curve and upward sloping supply curve a higher equilibrium price may be caused by ?
A An fall in demand
B An increase in supply
C improvements in production technology
D An increase in demand
Correct Answer: An increase in demand
A reduction in the costs of production will ?
A Lead to a movement along the supply curve
B Shift the demand curve
C Shift the supply curve
D Lead to an extension of supply
Correct Answer: Shift the supply curve
If demand increase in a market this will usually lead to ?
A A higher equilibrium price and output
B A lower equilibrium price and higher output
C A lower equilibrium price and output
D A higher equilibrium price and lower output
Correct Answer: A higher equilibrium price and output
Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today ?
A The impact on both price and quantity is ambiguous
B Price will decrease, quantity is ambiguous.
C price will increase, quantity will decrease
D price will increase, quantity is ambiguous.
Correct Answer: price will increase, quantity is ambiguous.
Suppose there is an increase in the both the supply and demand for personal computers Further, suppose the supply of personal computer increase more than demand for personal computers In the market for personal computers i the market for personal computers, we would expect ?
A the change in the equilibrium quantity to be ambiguous and the equilibrium price to fall.
B the equilibrium quantity to rise and the equilibrium price to rise
C the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous
D the equilibrium quantity to rise and the equilibrium price to fall
Correct Answer: the equilibrium quantity to rise and the equilibrium price to fall
A decrease (leftward shift) in the supply for a good will tend to cause ?
A an increase in the equilibrium price and quantity
B a decrease in the equilibrium price and an increase in the equilibrium quantity
C none of these answers
D a decrease in the equilibrium price and quantity.
Correct Answer: an increase in the equilibrium price and quantity
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