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Economics Mcqs 4423 MCQs [All-Courses]

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.

When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

A free trade area

B customs union

C common market

D economic union

Review Detailed Answer

Correct Answer: common market

The Common Agricultural Policy of the European Union has ?

A increase American farm exports to the EU

B decrease American farm exports to the EU

C lowered the price of American farm exports to the EU

D not affected the price of American farm exports to the EU

Review Detailed Answer

Correct Answer: decrease American farm exports to the EU

Which factor of production in the United States is most likely to be made worse off (its factor payment will decrease) because of the North American Free Trade Agreement ?

A Capital

B land

C skilled labor

D unskilled labor

Review Detailed Answer

Correct Answer: skilled labor

Which country is not a member of the European Union ?

A Spain

B Germany

C France

D Iceland

Review Detailed Answer

Correct Answer: Iceland

Members of the EU find that trade creation|| is fostered when their economies are ?

A highly competitive

B highly noncompetitive

C small in economic importance

D geographically distant

Review Detailed Answer

Correct Answer: highly competitive

Criticisms against the North American Free Trade Agreement include all of the following except ?

A wages in the United States will rise relative to Mexican wages

B American jobs will be lost to workers in Mexico

C The environment is not adequately protected by NAFTA

D None of the above

Review Detailed Answer

Correct Answer: wages in the United States will rise relative to Mexican wages

Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is and the total number of countries forming the customs union is _?

A relatively high; relatively large

B relatively high; relatively small

C relatively low ; relatively large

D relatively low ; relatively small

Review Detailed Answer

Correct Answer: relatively high; relatively large

A positive, dynamic effect of economic integration is illustrated by ?

A trade diversion effect

B increased monopoly power of firms

C decrease customs costs

D economy-of-scale effect

Review Detailed Answer

Correct Answer: economy-of-scale effect

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Economics Mcqs 4423 MCQs [All-Courses]

All Topics 4423

All Topics 4423

When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

The Common Agricultural Policy of the European Union has ?

Which factor of production in the United States is most likely to be made worse off (its factor payment will decrease) because of the North American Free Trade Agreement ?

Which country is not a member of the European Union ?

Members of the EU find that trade creation|| is fostered when their economies are ?

Criticisms against the North American Free Trade Agreement include all of the following except ?

Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is and the total number of countries forming the customs union is _?

A positive, dynamic effect of economic integration is illustrated by ?

Contact Info

Economics Mcqs 4423 MCQs [All-Courses]

All Topics 4423

All Topics 4423

When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?

The Common Agricultural Policy of the European Union has ?

Which factor of production in the United States is most likely to be made worse off (its factor payment will decrease) because of the North American Free Trade Agreement ?

Which country is not a member of the European Union ?

Members of the EU find that trade creation|| is fostered when their economies are ?

Criticisms against the North American Free Trade Agreement include all of the following except ?

Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is ________ and the total number of countries forming the customs union is _________?

A positive, dynamic effect of economic integration is illustrated by ?

Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is and the total number of countries forming the customs union is _?