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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

During periods of growing domestic demand, an import quota ?
A is less restrictive on a country’s imports than a tariff
B Is more restrictive on a country’s imports than a tariff
C has the same restrictive effect on a country’s imports as a tariff
D will always generate increased tax revenue for the government
Correct Answer: Is more restrictive on a country’s imports than a tariff
To reduce imports, suppose that the government of Norway’s imposes a quota equal to 800 computers, Compared to what occurred under free trade, Norway’s consumers surplus will ________ and its producer surplus will _______ Can you calculate these amounts? Try plotting the information of this table on a sheet of graph paper ?
A increase, increase
B increase, decrease
C decrease, increase
D decrease, decrease
Correct Answer: decrease, increase
In the absence of traded, Norway’s equilibrium price and quantity equal ?
A $1,500 and 2,800 computers
B $2,000 and 1,600 computers
C $2,500 and 2,000 computers
D $3,500 and 2,000 computers
Correct Answer: $2,500 and 2,000 computers
Antidumping duties are used to ?
A offset the margin of dumping
B punish domestic consumers for buying high-priced imported goods
C discourage foreign governments from subsidizing their exporters
D reduce the tariff revenue of the domestic government
Correct Answer: offset the margin of dumping
In a tariff and import quota lead to equivalent increase in the domestic price of steel, then ?
A The quota results in efficiency reductions but the tariff does not
B The tariff results in efficiency reductions but the quota does not
C They have identical impact on how much is produced and consumed
D They have identical impact on how income is distributed
Correct Answer: They have identical impact on how much is produced and consumed
If a tariff and import quota lead to equivalent increases in the domestic price of steel, then ?
A the quota results in efficiency reductions but the tariff does not
B The tariff results in efficiency reductions but the quota does not
C They have different impacts on how much is produced and consumed
D They have different impacts on how income is distributed
Correct Answer: They have different impacts on how income is distributed
Which company in the United States would likely be most concerned about Brazil’s dumping of steel in the U.S market ?
A General Motors, the manufacturer of automobiles
B Tennessee Mining Co. an iron-ore mining company
C Caterpillar Corp the producer of earth moving equipment
D Sneva Construction Co. The builder of skyscrapers
Correct Answer: Tennessee Mining Co. an iron-ore mining company
A _______ allows a specified number of goods to be imported each year, and it not specifies from where the product is shipped and who is permitted to import ?
A import quota
B export quota
C selective quota
D global quota
Correct Answer: selective quota
According to the cost-based definition of dumping, dumping occurs when a firm sells a product abroad at a price that is less than ?
A average total cost
B average variable cost
C average fixed cost
D marginal cost
Correct Answer: average total cost
The form of dumping that represents the greatest potential net welfare loss the for importing national is ?
A predatory dumping
B sporadic dumping
C persistent dumping
D yearend dumping
Correct Answer: predatory dumping
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