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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

Normally a demand curve will have the shape:_________?
A Horizontal
B Vertical
C Downward Sloping
D Upward Sloping
Correct Answer: Downward Sloping
A firm that makes profit in addition to normal profit is making ?
A Economic profit
B Accounting profit
C Normal profit
D supernormal profit
Correct Answer: supernormal profit
An upward shift in marginal cost _____ output and an upward shift in marginal revenue ______ output?
A reduces; reduces
B reduces; increases
C increases; increases
D increases; reduces
Correct Answer: reduces; increases
Marginal revenue is the ________ when output is __________?
A Change in average revenue, increased
B Change in total revenue, increase by one unit
C change in average revenue, increased by one unit
D change in total revenue increased
Correct Answer: Change in total revenue, increase by one unit
Firms are assumed to ________ costs and to ________ profits?
A incur, desire
B pay, make
C charge earns
D minimize, maximize
Correct Answer: minimize, maximize
The extra utility from consuming one more unit of a good is called ?
A Marginal utility
B Additional utility
C Surplus utility
D Bonus utility
Correct Answer: Marginal utility
The opportunity cost of a student is____________?
A Course fees and rent
B A loan from the bank
C What the student could have earned in the best job available by not studying
D What the student will earn after graduation
Correct Answer: What the student could have earned in the best job available by not studying
If your income doubles and the prices of the goods you buy double then your demand for these goods will likely?
A increase
B not change
C decrease
D shift
Correct Answer: not change
A measurement showing how quantity demanded varies with income is the ?
A Price elasticity of demand
B Cross-price elasticity of demand
C budget elasticity of demand
D income elasticity of demand
Correct Answer: income elasticity of demand
The price elasticity of demand measures ?
A The responsiveness of quantity demanded to a change in price
B How far a demand curve shifts
C a change in price
D a change in quantity demanded
Correct Answer: The responsiveness of quantity demanded to a change in price
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