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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

If the price was fixed below the equilibrium price there would be ?
A Excess supply
B Excess demand
C Equilibrium
D Downward pressure on prices
Correct Answer: Excess demand
A shift in supply will have a bigger effect on price than output if demand is ?
A income elastic
B income inelastic
C Price elastic
D Price inelastic
Correct Answer: Price inelastic
An increase in income will ?
A Lead to a movement along the demand curve
B Shift the supply curve
C Shift the demand curve
D Lead to an extension of demand
Correct Answer: Shift the demand curve
An inferior good is one for which an increase in income causes a(n) ?
A decrease in supply
B increase in demand
C increase in supply
D decrease in demand
Correct Answer: decrease in demand
Which of the following statements is true about the impact of an increase in the price of lettuce ?
A Both the demand for lettuce will decrease and the equilibrium price and quantity of salad dressing will fall
B The supply of lettuce will decrease
C The demand for lettuce will decrease
D The equilibrium price and quantity of salad dressing will fall
Correct Answer: The equilibrium price and quantity of salad dressing will fall
If the price of good is below the equilibrium price ?
A there is a shortage and the price will rise
B the quantity demanded is equal to the quantity supplied and the price remains unchanged
C there is a shortage and the price will fall
D there is a surplus and the price will rise
Correct Answer: there is a shortage and the price will rise
All of the following shift the supply of watches to the right except ?
A an advance in the technology used to manufacture watches
B an increase in the price of watches
C All of these answers cause an increase in the supply of watches
D a decrease in the wage of workers employed to manufacture watches
Correct Answer: an increase in the price of watches
A monopolistic market has ?
A many buyers and sellers
B none of these answers
C firms that are price takers
D only one seller
Correct Answer: only one seller
The law of supply states that an increase in the price of a good ?
A none of these answers
B increases the quantity supplied of that good
C increase the supply of that good
D decrease the demand for the good
Correct Answer: increases the quantity supplied of that good
The problem posed by a natural monopoly is that it faces a _____ This means that _______?
A increasing average cost curve, marginal cost lies above average cost
B increasing average cost curve, marginal cost lies below average cost
C decreasing average cost curve marginal cost lies above average cost
D decreasing average cost curve, marginal cost lies below average cost
Correct Answer: decreasing average cost curve, marginal cost lies below average cost
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