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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

Which of the following workers would be most likely to find it more difficult to get a job after a rise in the minimum wage rate?
A a teenage worker with few qualifications.
B A manual worker with fifteen years of work experience
C A professional worker with university degree.
D All there are equally likely to find it difficult to get a job
Correct Answer: a teenage worker with few qualifications.
Which of the following is an example of price floor ?
A the minimum wage
B rent controls
C restricting petrol prices to Rs100 per litre when the equilibrium price is Rs150 per litre
D All of these answers are price floors
Correct Answer: the minimum wage
Which side of the market is more likely to lobby government for a price floor ?
A the buyers
B Neither buyers nor sellers desire a price floor.
C the sellers
D Both buyers and sellers desire a price floor.
Correct Answer: the sellers
A price floor ?
A always determines the price at which a good must be sold
B sets a legal maximum on the price at which a good can be sold
C is not a binding constraint if it is set above the equilibrium price
D sets a legal minimum on the price at which a good can be sold
Correct Answer: sets a legal minimum on the price at which a good can be sold
A binding price ceiling creates?
A a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price
B a surplus
C a shortage
D an equilibrium
Correct Answer: a shortage
For which of the following products would the burden of a tax likely fall more heavily on the sellers ?
A Clothing
B food
C housing
D entertainment
Correct Answer: entertainment
The burden of a tax falls more heavily on the buyers in a market when ?
A both supply and demand are inelastic
B demand is elastic, and supply are inelastic
C both supply and demand are elastic
D demand is inelastic, and supply is elastic
Correct Answer: demand is inelastic, and supply is elastic
The burden of a tax falls more heavily on the sellers in a market when ?
A both supply and demand are elastic
B both supply and demand are inelastic
C demand is inelastic and supply in elastic
D demand is elastic, and supply is inelastic
Correct Answer: demand is elastic, and supply is inelastic
Which of the following takes place when a tax is placed a good ?
A a decrease in the price buyers pay, an increase in the price sellers receive, and a decrease in the quantity sold
B an increase in the price buyers pay a decrease in the price sellers receive, and an increase in the quantity sold
C a decrease in the price buyers pay, an increase in the price sellers receive and an increase in the quantity sold
D an increase in the price buyers pay a decrease in the price sellers receive and a decrease in the quantity sold
Correct Answer: an increase in the price buyers pay a decrease in the price sellers receive and a decrease in the quantity sold
Within the supply and demand model, a tax collected from the buyers of a good shifts the ?
A supply curve downward by the size of the tax per unit.
B Supply curve upward by the size of the tax per unit
C demand curve upward by the size of the tax per unit.
D demand curve downward by the size of the tax per unit
Correct Answer: demand curve downward by the size of the tax per unit
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