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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

A tariff of ________ would be prohibitive causing imports to fall to zero?
A $10
B $15
C $20
D $25
Correct Answer: $15
The deadweight cost of the tariff equals ?
A $10,000
B $25,000
C $50,000
D $75,000
Correct Answer: $50,000
With the tariff, the quantity of imports falls to ?
A 12,000 units
B 20,000 units
C 30,000 units
D 42,000 units
Correct Answer: 20,000 units
With free trade the total quantity of imports would equal ?
A 10,000 units
B 40,000 units
C 42,000 units
D 50,000 units
Correct Answer: 40,000 units
In developed countries, tariffs on raw materials tend to be ?
A highest of all
B higher than on manufactured goods
C equal to tariffs on manufactured goods
D lower than on manufactured goods
Correct Answer: lower than on manufactured goods
The difference between what consumers have to pay for a particular and what they are willing to pay is known as ?
A consumer surplus
B producer surplus
C deadweight costs
D deadweight surplus
Correct Answer: consumer surplus
_______ represents the difference between what consumer have to pay for a product and what they are willing and able to pay ?
A producer surplus
B deadweight surplus
C government surplus
D consumer surplus
Correct Answer: consumer surplus
If a nation fitting the criteria for the small nation model imposes a 10 percent tariff on imports of autos ?
A The price of autos within the nation will rise by 10 percent
B The price of autos within the nation will rise by less than 10 percent
C The price of autos within the nation will rise by more than 10 percent
D The price of autos will not rise because of internal competition
Correct Answer: The price of autos within the nation will rise by 10 percent
A foreign-trade zone (FTZ) is ?
A a regional area within which trade with foreign nations is allowed
B a free trade agreement among several nations
C designed to limit exports of manufactured goods by placing export taxes on goods made within the zone
D designed to promote exports by deferring imports duties on intermediate inputs and waving such duties if the final product is re-exported rather than sold domestically
Correct Answer: designed to promote exports by deferring imports duties on intermediate inputs and waving such duties if the final product is re-exported rather than sold domestically
Most tariffs have ?
A only revenue effects
B only protective effects
C Both protective and revenue effects
D neither protective or revenue effects
Correct Answer: Both protective and revenue effects
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