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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

VAT is a good example of which kind of tax ?
A Specific
B Exercise duty
C Direct
D Ad valorem
Correct Answer: Ad valorem
Economists use the term Black Markets for situations where ?
A goods are sold at prices above legal or official price.
B buyers and/or sellers are not paying taxes as they should
C illegal substances are sold
D transactions are not recorded in the GDP figures.
Correct Answer: goods are sold at prices above legal or official price.
If the market price is below the equilibrium price ?
A quantity demanded will be greater than quantity supplied
B quantity demanded will be less than quantity supplied
C demand will be less than supply.
D quantity demanded will equal quantity supplied .
Correct Answer: quantity demanded will be greater than quantity supplied
It is necessary to ration a good whenever ?
A supply exceeds demand
B a surplus exists
C there is perfectly inelastic demand for the good
D demand exceeds supply
Correct Answer: demand exceeds supply
A price ceiling is ?
A a maximum price usually set by government that sellers may charge for a good
B the different between the initial equilibrium price and the equilibrium price after a decrease in supply
C a minimum price usually set by government that sellers must charge for a good
D a minimum price that consumers are willing to pay for a good.
Correct Answer: a maximum price usually set by government that sellers may charge for a good
Nationalisation occurs when ?
A The government sells assets to a the private sector
B The government bans a product
C The government takes control of an industry
D The government taxes a product to a raise its price
Correct Answer: The government takes control of an industry
With a positive externality ?
A There is under-consumption in the free market
B There is over consumption in the free market
C The government may tax to decrease production
D Society could be made off it less was produced
Correct Answer: There is under-consumption in the free market
When supply increase in an agricultural market farmer’s earning might fall because ?
A Supply is price elastic
B Demand is price inelastic
C The government buys up all the excess production
D All output must be sold at a maximum price
Correct Answer: Demand is price inelastic
Merit goods are ?
A Not provided in the free market economy
B Under provided in the free market economy
C Over provided in the free market economy
D Provided free
Correct Answer: Under provided in the free market economy
If the price in a market is fixed by the government below equilibrium ?
A There is excess equilibrium
B There is excess supply
C There is excess demand
D There is equilibrium
Correct Answer: There is excess demand
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