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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 products would be least capable of producing an externality ?
A inoculations against disease
B cigarettes
C food
D education
Correct Answer: food
-7-+47-+45-+-+Since people respond to incentives, we would expect that if the average salary of accountants increases by 50% while the average salary of teachers increase by 20% then ?
A Fewer students will take degree courses in education and more will take accounting courses.
B fewer students will take degree courses in education and more will take accounting courses
C fewer students will attend university
D None of these
Correct Answer: fewer students will take degree courses in education and more will take accounting courses
Suppose you find Rs 20. If you choose to use the Rs 20 to go to a football match your opportunity cost of going to the game is ?
A nothing because you found the money.
B Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.
C Rs 20 (because you could have used the Rs 20 to buy other things) plus the value of your time spent at the game plus the cost of the dinner you purchased at the game.
D Rs20 (because you could have used the Rs20 to buy other ghings)
Correct Answer: Rs20 (because you found the money Rs 20 to buy other things) plus the value of your time spent at the game.
A rational person does not act unless ?
A the action is ethical
B The action produces marginal costs that exceed marginal benefits.
C The action produces marginal benefits that exceed marginal costs.
D The action makes money for the person.
Correct Answer: The action produces marginal benefits that exceed marginal costs.
Trade-offs are required because wants are unlimited, and resources are ?
A economical
B unlimited
C Efficient
D Scarce
Correct Answer: Scarce
Which one of the following is a normative statement ?
A The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 percent
B Inflation is rising
C The proportion of people’s income paid in taxes is higher under this government than under the previous one.
D Inequality in the distribution of income is a more serious problem than unemployment
Correct Answer: Inequality in the distribution of income is a more serious problem than unemployment
In a free market system, the amount of goods and services that any one household gets depends upon its ?
A income
B income and wealth
C wealth
D wage and interest income
Correct Answer: income
Periods of less than full employment corresponds to _________________ ?
A points outside the production possibility curve
B either points inside or outside the production possibility curve.
C points on the production possibility curve
D points inside the production possibility curve.
Correct Answer: points inside the production possibility curve.
Opportunity cost is_________________?
A the cost incurred in the past before we make a decision about what to do in the future.
B a cost that cannot be avoided. regardless of what is done in the future
C that which we forgo, or give up, when we make a choice or a decision.
D the additional benefit of buying an additional unit of a product
Correct Answer: that which we forgo, or give up, when we make a choice or a decision.
A student chooses to study because the marginal benefit is greater than the ______________ cost?
A average
B expected
C total
D marginal
Correct Answer: marginal
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