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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

Jamil has ten pairs of football boots and saleem has none. A pair of football boots cost Rs50. to produce. If jamil values an additional pair of boots at RS100 and saleem values a pair of boots at Rs40, then the maxime ?
A efficiency Saleem should receive the glove
B Efficiency Jamil should receive the glove
C equity Jamil should receive the glove
D consumer surplus both should receive a glove
Correct Answer: Efficiency Jamil should receive the glove
Medical care clearly enhance people’s lives. Therefore, we should consume medical care until ?
A everyone has as much as they would like
B the benefit buyers place on medical care is equal to the cost of producing it
C buyers receive no benefit from another unit of medical care.
D we must cut back on the consumption of other goods.
Correct Answer: the benefit buyers place on medical care is equal to the cost of producing it
If a market is efficient then_______?
A the market allocates buyers to the sellers who can produce the good at least cost
B all these answers
C none of these answers
D the quantity produced in the market maximizes the sum of consumer and producer surplus
Correct Answer: all these answers
In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?
A choose a price below the market equilibrium price
B allow the market to seek equilibrium on its own.
C Choose any price the planner wants because the losses to the sellers (buyers) from any change in price are exactly offset by the gains to the buyers (sellers).
D choose a price above the market equilibrium price
Correct Answer: allow the market to seek equilibrium on its own.
An increase in the price of a good along a stationary supply curve______________?
A increase producer surplus
B does all the things describe in these answers
C decrease producer surplus
D improves market equity
Correct Answer: increase producer surplus
Total surplus is the area_______________?
A above the supply curve and below the price
B below the demand curve and above the price
C below the demand curve and above the supply curve
D below the supply curve and above the price
Correct Answer: below the demand curve and above the supply curve
If a benevolent social planner chooses to produce more than the equilibrium quantity of a good, then ?
A the value placed on the last unit of production by buyers exceeds the cost of production
B the cost of production on the last unit produced exceeds the value placed on it by buyers.
C consumer surplus is maximized
D total surplus is maximized
Correct Answer: the cost of production on the last unit produced exceeds the value placed on it by buyers.
If a buyer’s willingness to pay for a new Honda is Rs20,000 and she is able to actually buy it for Rs18,000 her consumer surplus is ?
A Rs18,000
B Rs20,000
C Rs2,000
D Rs0.
Correct Answer: Rs2,000
Consumer surplus is the area ?
A below the demand curve and above the price.
B above the supply curve and below the price.
C above the demand curve and below the price.
D below the supply curve and above the price.
Correct Answer: below the demand curve and above the price.
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