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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

In a command (planned) economy ?
A The price mechanism acts as an incentive
B Resources are allocated by market forces
C Individual firms make decisions for themselves about what to produce and how to produce it
D The public sector is large
Correct Answer: Resources are allocated by market forces
The free market involves ?
A The free provision of products
B The Subsidizing of products by the government
C Market forces of supply and demand
D All trade via barter
Correct Answer: Market forces of supply and demand
Which of the following is not one of the basic economic s ?
A What to produce
B Who to produce for
C How to produce
D How to maximize economic growth
Correct Answer: How to maximize economic growth
Human wants are_______________?
A Always fixed
B Limited
C Unlimited
D Likely to decrease over time
Correct Answer: Unlimited
The sacrifice involved when you choose a particular course of action is called the?
A Alternative
B Opportunity cost
C Consumer cost
D Producer cost
Correct Answer: Opportunity cost
The sacrifice involved when you choose a particular course of action is called the ?
A Alternative
B Opportunity cost
C Consumer cost
D Producer cost
Correct Answer: Opportunity cost
Resources in an economy ?
A Are always found
B Can never decease
C Always increase over time
D Are limited at any moment in time
Correct Answer: Are limited at any moment in time
Economic system in which the government owns and controls the means of production to benefit all the people is called ?
A Dictatorship
B Socialism
C Capitalism
D Authoritarianism
Correct Answer: Authoritarianism
What is Remittance_______________?
A Sending of money to someone at distance
B The sum of money sent
C Both of them
D None of them
Correct Answer: Both of them
What is called protection of domestic producers by impeding or limiting the importation of foreign goods and services ?
A Domestication
B Protectionism
C Localization
D National interest
Correct Answer: Protectionism
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