## Important MCQs Economics Online Test 10

This post is about the MCQs Economics Online Test. There are 27 multiple-choice questions. The MCQs Economics Online Test covers topics related to microeconomics, inflation, marginal benefits, circular flow of goods, planned economy, demand and supply, etc. Let us start with the MCQs Economics Online Test.

1. A market demand curve can be derived by adding all the individual demand curves:

2. The total demand for goods and services in an economy is known as

3. If the prices of both goods increase by the same percent, the budget line will:

4. In a free market system, the amount of goods and services that any one household gets depends upon its:

5. In a planned or command economy, all the economic decisions are taken by the:

6. A utility-maximizing consumer changes their spending for goods $X$ and $Y$, so that:

7. The price of apples fell by 5% and the quantity demanded increased by 6%. This means that demand is

8. The $\frac{MUX}{MUY}$ is ten and the $\frac{PX}{PY}$ is eight, so the consumer should buy:

9. The price of burgers increased by 22% and the quantity of burgers demanded fell by 25%. This indicates that demand for burgers is

10. For a firm operating in a perfect market, its short-run supply is identical with the rising arm of:

11. Suppose the demand for goods $Z$ goes up when the price of goods $Y$ goes down. We can say that goods $Z$ and $Y$ are:

12. The formula for average fixed costs is:

13. The formula for average variable cost (AVC) is:

14. When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as

15. The study of inflation is part of

16. Microeconomics is not concerned with the behaviour of ———–.

17. Indicate below what is NOT a factor of production.

18. The equation for Anna’s demand curve for CDs is $Q=20-5P$. If the price of a CD is E18, consumer surplus will be:

19. Macroeconomics distinguishes between the real economy and the:

20. If the cross-price elasticity of demand between two goods is negative, then the two goods are:

21. If the demand for coffee decreases as income decreases, coffee is

22. If the income and substitution effects of a price increase work in the same direction the good whose price has changed is a:

23. The circular flow of goods and incomes shows the relationship between ——.

24. When the decrease in the price of one good causes the demand for another good to decrease, the goods are:

25. Some goods are not closely related to each other and are neither substitutes nor complements. for such goods, the cross-price elasticity of demand would be:

26. A student chooses to study because the marginal benefits are greater than the ——— cost.

27. A graph showing all the combinations of capital and Labour available for a given total cost is the

### MCQs Economics Online Test

• Microeconomics is not concerned with the behaviour of ———–.
• The study of inflation is part of
• The total demand for goods and services in an economy is known as
• Indicate below what is NOT a factor of production.
• A student chooses to study because the marginal benefits are greater than the ——— cost.
• The circular flow of goods and incomes shows the relationship between ———.
• In a free market system, the amount of goods and services that any one household gets depends upon its:
• In a planned or command economy, all the economic decisions are taken by the:
• When the decrease in the price of one good causes the demand for another good to decrease, the goods are:
• Suppose the demand for goods $Z$ goes up when the price of goods $Y$ goes down. We can say that goods $Z$ and $Y$ are:
• If the demand for coffee decreases as income decreases, coffee is
• The price of apples fell by 5% and the quantity demanded increased by 6%. This means that demand is
• The price of burgers increased by 22% and the quantity of burgers demanded fell by 25%. This indicates that demand for burgers is
• If the cross-price elasticity of demand between two goods is negative, then the two goods are:
• When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as
• Macroeconomics distinguishes between the real economy and the:
• The equation for Anna’s demand curve for CDs is $Q=20-5P$. If the price of a CD is E18, consumer surplus will be:
• A utility-maximizing consumer changes their spending for goods $X$ and $Y$, so that:
• The $\frac{MUX}{MUY}$ is ten and the $\frac{PX}{PY}$ is eight, so the consumer should buy:
• If the income and substitution effects of a price increase work in the same direction the good whose price has changed is a:
• A graph showing all the combinations of capital and Labour available for a given total cost is the
• The formula for average fixed costs is:
• The formula for average variable cost (AVC) is:
• If the prices of both goods increase by the same percent, the budget line will:
• A market demand curve can be derived by adding all the individual demand curves:
• Some goods are not closely related to each other and are neither substitutes nor complements. for such goods, the cross-price elasticity of demand would be:
• For a firm operating in a perfect market, its short-run supply is identical with the rising arm of:

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## Important MCQs Economics Quiz with Answers 9

Online Economics Quiz with answers. There are 20 multiple-choice questions each with four options. The Quiz will help you to prepare PPSC, FPSC, NAT, GAT, and many other testing services. It will also help in preparing for college and university admission and degree examinations. Let us start with the Economics Quiz with Answers.

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• “Economics is the Science of Wealth”, who gave this definition?
• “Economics is what economists do”. It has been supported by
• “Human welfare is the subject of Economics”. The statement is associated with the name of which of the economists?
• Who has given a scarcity definition of economics?
• “Economics is a science” The basis of this statement is:
• Characteristics of economic laws are.
• Which opinions have revolutionized the scope of macroeconomics?
• Whose opinions have revolutionized the scope of macroeconomics?
• Which of the following is an economic activity?
• The passive factor of production is
• Under the law of demand
• For inferior commodities, the income effect is
• When total utility becomes maximum, then the marginal utility will be
• Utility means
• Marginal utility is equal to average utility at that time when average utility is
• At the point of satiety, marginal utility is
• Which of the following is the second law of Gosse?
• The total utility of a commodity is measured by which price of the commodity?
• In Economics the central problem is
• Macroeconomics deals with

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## Important MCQs Economics Questions 8

The post is about the MCQs Economics Questions with Answers. There are 20 questions in this test. The Quiz will help you to prepare PPSC, FPSC, NAT, GAT, and many other testing services. It will also help in preparing for college and university admission and degree examinations. Let us start with the MCQs Economics Questions.

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### MCQs Economics Questions with Answers

• The real interest rate will increase
• What would result from a depreciation of the pound on the foreign exchange market?
• The news on television reports that the dollar has strengthened relative to the Japanese yen. This means that
• In Keynesian economics, if aggregate expenditures are less than aggregate output then
• Demand is elastic when the elasticity of demand is
• Which of the following statements is TRUE about cartels?
• After the collision, oligopolists can
• If production remains the same and all prices double, then which of the following will happen?
• The relationship between hours provided by labor and wage rate is
• If the government wishes to achieve a fall in unemployment, which of the following policies should it adopt?
• In the long run, sustained inflation is due to
• The government has a balanced budget if:
• The situation when a country imports more than it exports is known as
• In a period of boom, credit creation is
• What will be the impact of an increase in taxes?
• Suppose the price of rail tickets decreases, what will happen to the demand for airline travel?
• The production possibilities curve will shift upward if there is
• Which of the following is NOT included in the perfect information assumption of perfect competition?
• Suppose a monopolist sets his output at the level where marginal revenue, marginal cost, and average total cost are equal. In this case, economic profit will be
• “An Enquiry into the Nature and Causes of Wealth of Nations” is a book by an economist.

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## MCQs Economics Quiz 7

The post is about the MCQs Economics Quiz with Answers. There are 20 questions in this test. The Quiz will help you to prepare PPSC, FPSC, NAT, GAT, and many other testing services. It will also help in preparing for college and university admission and degree examinations. Let us start with the MCQs Economics Quiz.

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### MCQs Economics Quiz

• Final goods are meant for
• All other things remain the same, Gross Domestic Product (GDP) will rise if
• The traditional Phillips Curve shows the
• Deflation is
• Is Gross Domestic Product (GDP) an accurate measure of a country’s well-being?
• Real Gross Domestic Product (GDP)
• If a war destroys a large portion of a country’s capital stock but the saving rate is unchanged, the exogenous model predicts that output will grow and the new steady state will approach.
• A currency appreciation
• Which of the following statements describes the difference between nominal and real Gross Domestic Product (GDP)?
• After a decrease in the wage, the substitution effect implies that
• A demand curve is price-elastic when
• The numerical measurement of a consumer’s preference is called
• Marginal profit is equal to
• The supply curve for a competitive firm is
• Second-degree price discrimination is the practice of charging
• A market with few entry barriers and with many firms that sell differentiated products is
• The market structures in which strategic considerations are most important are:
• Consumption spending, investment expenditures, government expenditures, and net exports are:
• Classical economics was replaced as the dominant theory of macroeconomic analysis by:
• According to classical economics, the economy will always tend toward full employment due to:

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## Economics MCQs with Answers 6

The post is a quiz about economics MCQs with Answers from Basic to Advance. This economics quiz contains 20 multiple-choice questions and will help you with the preparation of Economics MCQs for Lecturer & Subject Specialist Exams. Answer the following multiple-choice questions and press ‘Submit‘ to get your score.

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• The government collects zero revenue if the tax rate is 0%, and if the tax rate is 100% which of the following best describes this statement?
• A tax on the accounting profits of corporations is known as
• If the money supply is fixed by the central bank then in interest rate money supply space, the money supply curve will be:
• Which of the following is TRUE for a Giffen good?
• The Total Cost (TC) function is given as $TC=200+5Q$. What is the fixed cost?
• A good for which income and quantity demanded are inversely related is known as
• An increase in supply is shown by
• The price floor results in
• The price elasticity of demand measures the responsiveness of quantity demanded to
• Indifference curves that are convex to the origin reflect:
• To find the profit-maximizing level of output, a firm finds the output level where:
• As compared to existing firms, a new firm entering in monopolist market has
• A firm charges a different price for each unit a consumer purchases. This is called:
• Welfare economics is the branch of economics which deals with
• Under the kinked demand curve model, an increase in marginal cost will lead to
• Which of the following market situations is much like a pure monopoly except that its member firms tend to cheat on agreed upon price and output strategies?
• In the complete classical model, a rightward shift of the labor supply curve will
• Which of the following events could cause the aggregate demand curve to shift to the right?
• According to the model of aggregate supply and aggregate demand, in the long run, an increase in the money supply should cause.
• Intermediate goods are meant for

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