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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 involves a trade – off ?
A Taking a nap
B All of these answers involve trade-offs
C Watching a football game on Saturday afternoon
D Going to university
Correct Answer: All of these answers involve trade-offs
In a planned or command economy, all the economics decisions are taken by the ?
A Consumers
B voters
C government
D Workers
Correct Answer: government
The circular flow of goods and incomes shows the relationship between?
A Wages and salaries.
B income and money
C goods and services.
D
Correct Answer: income and money
A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?
A capital consumption frontier.
B Lorenz curve.
C Circular-flow diagram.
D Production possibility curve.
Correct Answer: Production possibility curve.
The concept of opportunity cost ?
A is relevant only for a capitalist economy like the United States.
B Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
C Suggests all our wants can be achieved.
D Would be relevant if we eliminated poverty
Correct Answer: Suggests a major increase in public health care spending means an expansion in other areas will be harder to achieve.
A recession is ?
A a period of declining prices.
B a period of declining unemployment
C a period during which aggregate output declines.
D a period of very rapidly declining prices.
Correct Answer: a period during which aggregate output declines.
The total demand for goods and services in an economy is known as_____________?
A gross national product.
B national demand.
C economy-wide demand
D aggregate demand
Correct Answer: aggregate demand
The study of inflation is part of ?
A descriptive economics
B normative economics
C macroeconomics.
D microeconomics
Correct Answer: macroeconomics.
Macroeconomics deals with?
A the behavior of the electronics industry
B the behavior of firms
C economics aggregates
D the activities of individual units
Correct Answer: economics aggregates
Which of the following is a normative statement in economics ?
A More spending by the government reduces poverty
B Higher taxes lead to less desire to work
C The Pakistan’s economy is growing fast relative to other SAARC members
D The government should concentrate on reducing unemployment
Correct Answer: The government should concentrate on reducing unemployment
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