Economics Mcqs With Solved Microeconomics and Macroeconomics Questions and Answers For Exams Like NTS, SPSC, PPSC and FPSC

7/23/2020 Economics Mcqs - solved Microeconomics MCQs questions & answers
Thursday, Jul 23
a
GENERAL KNOWLEDGE URDU
 Views: 710
Economics Mcqs with solved

Microeconomics and
Macroeconomics questions and
answers for exams like nts, spsc,
ppsc and fpsc.
Economics MCQs will help aspirants in the preparation of lecturer exams conducted by FPSC, SPSC,
PPSC, NTS and other competitive exams. Besides, These Microeconomics Mcqs and Macroeconomics
Mcqs questions and answers will guide students in clearing their CSS Economics paper.
Here a list Economics mcqs questions and answers are provided.
Economics MCQs (Multiple Choice Questions)
https://www.generalknowledgeurdu.com/economics-mcqs-solved-microeconomics-mcqs-questions-answers/ 1/31
1. Name the economist, who is known as the father of

economics?
(a) J.N Keynes
(b) Alfred Marshall
(c) Adam Smith
(d) Lionel Robins
View Answer 
(c) Adam Smith
2. Which of the following economist de ned economics as

‘Science of Wealth’?
(a) J.N Keynes
(b) Alfred Marshall
(c) Adam Smith
(d) Lionel Robins
View Answer 
(c) Adam Smith
3. According to the famous economist, Alfred Marshall,

economics is concerned with the______________________.
(a) attainment and use of material requisites
(b) study of wealth
(c) science of scarcity
(d) study of determents of employment and income
View Answer 
(a) attainment and use of material requisites
4. Name the economist, who de ned economics as science of

scarcity.
(a) J.N Keynes
(b) Alfred Marshall
(c) Adam Smith
(d) Lionel Robins
View Answer 
(d) Lionel Robins
5. The study of economics is divided into how many branches?

(a) Two
(b) Three
(c) Four
(d) Five
View Answer 
(a) Two
Microeconomics and Macroeconomics
6. Name the economist, who wrote the book ‘The Wealth of

Nations’?
(a) J.N. Keynes
(b) Alfred Marshall
(c) Adam Smith
(d) Lionel Robins
View Answer 
(c) Adam Smith
7. The branch of economics which deals it as a whole is termed

as_________________.
(a) Microeconomics
(b) Macroeconomics
(c) Managerial Economics
(d) All of them
View Answer 
(a) Microeconomics
8. The theory of demand establish a relationship

between___________________.
(a) Price of product and its Supply
(b) The demand for a product and its Supply
(c) Price of the product and its Demand
(d) All of them
View Answer 
(c) Price of the product and its Demand
9. The amount of satisfaction from a the use of a product is

refered as_______________________.
(a) Utility
(b) Satisfaction
(c) Needs and Wants
(d) Equilibrium
View Answer 
(a) Utility
10. Name the book written by Alfred Marshall:

(a) The Wealth of Nations
(b) Principles of Economics
(c) Study of Science of Economics
(d) Both (b) and (c)
View Answer 
(d) Allam Iqbal
11. Ceteris Paribus means:

(a) All variables are independent
(b) All relationships are inverse
(c) Other things are equal
(d) That no other assumptions are made
View Answer 
(c) Other things are equal
12. The basic economic problem is of________________.

(a) In ation
(b) Unemployment
(c) Poverty
(d) Scarcity
View Answer 
(d) Scarcity
13. Adam Smith was a_________________.

(a) Classical Economist
(b) Neo Classical Economist
(c) Modern Economist
(d) All of the Above
View Answer 
(a) Classical Economist
14. Human wants are____________.

(a) Few
(b) Limited
(c) Unlimited
(d) One Thousand
View Answer 
(c) Unlimited
15. Wealth of Nation was written by Adam Smith

in____________________.
(a) 1576 A.D.
(b) 1676 A.D.
(c) 1776 A.D.
(d) 1876 A.D.
View Answer 
16. What is the meaning of an economy?

(a) Study of economics
(b) A country’s economic system
(c) Domestic Trade
(d) Sources of income of a family
View Answer 
(b) A country’s economic system
17. A consumer is in equilibrium when marginal utilities

are___________________.
(a) Minimum
(b) Equal
(c) Highest
(d) Increasing
View Answer 
(c) Highest
18. In case of negative marginal utility which of the following

must be true:
(a) the average is negative
(b) the total is decreasing
(c) the total is negative
(d) the average is negative
View Answer 
19. Lack of resources in relation to demand is

called________________.
(a) Supply
(b) Demand
(c) Scarcity
(d) Desire
View Answer 
20. A 10% decrease in the price of milk results in a 5% increase

in demand. The elasticity of demand, in this case, will be:
(a) Leeser than unity
(b) Greater than unity
(c) Equal to Unity
(d) Equal to Zero
View Answer 
(a) Less than unity
21. Pakistan is ranked as_____________________.

(a) Under-developed country
(b) Developed country
(c) Industrial country
(d) Developing country
View Answer 
(d) developing country
22. Exchange of goods with goods is called____________________.

(a) Barter System
(b) Monetary System
(c) Medium of Exchange
(d) Fiscal System
View Answer 
(a) Barter System
23. __________________are payments of factors of producation.

(a) Money, Capital, Salaries and Income
(b) Wages, Rent, Interest and Pro t
(c) Money, Power, Prices and Wealth
(d) Wages, Interest, Salaries and Taxes
View Answer 
(b) Wages, Rent, Interest and Pro t
24. The reward of entrepreneur is______________.

(a) Rent
(b) Interest
(c) Pro t
(d) Wages
View Answer 
(c) Pro t
25. Export of services in trade is called of export

of__________________.
(a) Visible Goods
(b) Invisible Goods
(c) Basic Goods
(d) Real Goods
View Answer 
(b) Invisible Goods
26. Economics is_________________.

(a) Science
(b) Art
(c) Both science as well as art
(d) None of the Above
View Answer 
(c) Both science as well as art
27. Deductive Method is also known as____________.

(a) Analytical Method
(b) Abstract Method
(c) Priori Method
View Answer 
28. Law of Demand states that_____________________.

(a) the demand for a commodity is directly proportional to its price
(b) the demand for a commodity is inversely proportional to its price
(c) The demand does not change as a result of the change in price
View Answer 
(b) the demand for a commodity is inversely proportional to its price
29. Gi en Goods are___________________.

(a) Superior Goods
(b) Inferior Goods
(c) Average Quality Goods
View Answer 
(b) Inferior Goods
30. In the case of inferior goods the income is__________________.

(a) Negative
(b) Positive
(c) Both (a) and (b)
View Answer 
(a) Negative
31. Who introduced the Utility Analysis of Demand?

(a) J.R. Hicks
(b) Lionel Robbins
(c) Adam Smith
(d) Alfred Marshall
View Answer 
(d) Alfred Marshall
32. A perpendicular straight-line demand curve is an indication

of____________________.
(a) the price may rise or fall, demand remains the same
(b) A very small reduction in price may result in an unlimited increase in demand
(c) change in price and demand move in the same proportion
View Answer 
(a) the price may rise or fall, demand remains the same
33. In Economics, land means________________.

(a) A piece of plot
(b) Soil
(c) All-natural resources that have an exchange value
View Answer 
(c) All-natural resources that have an exchange value
34. Demand Curve shows the relationship between the

quantity demanded for a commodity over a given time
and________________________.
(a) the tastes of the consumer
(b) the money income of the consumers
(c) the price of the related commodities
(d) the price of the commodity
View Answer 
(d) the price of the commodity
35. The impact and incidence of sales tax is_________________.

(a) on the consumer
(b) on the seller
(c) on the producer
(d) None of the above
View Answer 
(a) on the consumer
36. ‘Poverty line’ is determined by________________.

(a) Per Capita Calories intake
(b) The income of the family
(c) Housing and Clothing Facilities
View Answer 
(b) The income of the family
37. Money can be a standard of deferred payments only if the

value of money itself__________________.
(a) Remains Stable
(b) Increase
(c) Decrease
View Answer 
(a) Remains Stable
38. In monopoly at various output levels:

(a) AR = MR
(b) AR < MR
(c) AR > MR
(d) AR and MR curves are parallel
View Answer 
(c) AR < MR
39. Which of the is true for the perfect market?

(a) Few buyers and few sellers
(b) Many buyers and few sellers
(c) All sellers and buyers are honest
(d) Many buyers and many sellers
View Answer 
(d) Many buyers and many sellers
40. Which of the following is a capital commodity?

(a) Novel book in the library
(b) Toy of a child
(c) Calculator of the student
(d) Plough of the farmer
View Answer 
(d) Plough of the farmer
41. A market demand schedule for a product indicates

that____________________.
(a) as the product price falls, consumers buy less of the good
(b) there is a direct relationship between price and quantity demanded

(c) as product price rises, consumers buy less of other goods
(d) there is an inverse relationship between price and quantity demanded
View Answer 
(d) there is an inverse relationship between price and quantity demanded
42. Capitalism refers to_______________.

(a) the use of markets
(b) government ownership of capital goods
(c) private ownership of goods
(d) private ownership of homes and cars
View Answer 
(d) private ownership of goods
43. Human wants are_______________.

(a) More
(b) Limited
(c) Few
(d) Unlimited
View Answer 
(d) Unlimited
44. Which of the following is an economic activity?

(a) Playing Cricket for fun
(b) Teaching students of village free of cost
(c) Teaching in a School on monthly salary
(d) Drinking Water
View Answer 
(c) Teaching in a School on monthly salary
45. When marginal utility is zero?

(a) Total utility is zero
(b) An additional unit of consumption will decrease total utility
(c) Consumption will increase total utility
(d) Total utility is maximized
View Answer 
(c) Total utility is maximized
46. After the payment of certain taxes like income tax,

property tax, etc, what portion of income remains is
called_________________.
(a) Gross Personal Income
(b) Total Personal Income
(c) Disposable Income
(d) Personal income at factor cost
View Answer 
(c) Disposable income
47. If the value of exports exceeded imports, the balance of

trade is said to be_______________.
(a) de cit
(b) surplus
(c) favorable
(d) unfavorable
View Answer 
(c) favorable
48. ___________________records transactions between domestic

residents and rest of the world.
(a) Balance of Trade
(b) Balance of Payments
(c) Current Account

(d) Capital Account
View Answer 
(a) Balance of Trade
49. A moderate degree of controlled in ation is

called_________________.
(a) Stag ation
(b) Re ation
(c) De ation
(d) Stagnation
View Answer 
(b) Re ation
50. The process of rising prices in an economy is

called__________________.
(a) In ation
(b) Disin ation
(c) De ation
(d) Stagnation
View Answer 
(a) In ation
51. Per capita income is:

(a) Income per worker
(b) Income per head
(c) Income per household
(d) Income per industrial unit
View Answer 
(b) Income per head
52. The purchasing power of money during de ation

is_______________________.
(a) reduced
(b) increased
(c) constant
(d) actuating
View Answer 
(b) Increased
53. According to the Keynes, demand for money is a ected by:

(a) Income
(b)Rate of interest
(c) literacy rate
(d) Both (a) and (b)
View Answer 
(d) Both (a) and (b)
54. Balance of payment of a country includes:

(a) current account
(b) monetary account
(c) capital account
View Answer 
55. Pakistan’s per capita income is less than_______________.

(a) Japan
(b) India
(c) Korea
View Answer 
56. Transfer payments means:

(a) Bank Loan
(b) The payment without work
(c) Tax Payments
(d) Payments made to all factors
View Answer 
(b) the payment without work
57. Which is the largest gure:

(a) NNP
(b) GNP
(c) DPI
(d) PI
View Answer 
(b) GNP
58. If no money is used to exchange goods, it is

called___________________.
(a) Barter
(b) Currency
(c) Black market
(d) free trade
View Answer 
(a) Barter
59. The most important feature of money is:

(a) general Acceptability
(b) convertibility into gold
(c) store of value
(d) medium of exchange
View Answer 
(a) general acceptibility
60. In ation can be controlled by applying:

(a) Monetary and Fiscal Policies
(b) Monetary and Labour Policy
(c) Fiscal and Commercial Policy
View Answer 
(a) Monetary and Fiscal Policy
61. Export of services is called trade in__________________.

(a) Visible Goods
(b) Invisible Goods
(c) Basic Goods
(d) Non-Real Goods
View Answer 
(b) Invisible Goods
62. David Ricardo presented the theory of international trade

called______________.
(a) Theory of Absolute Advantage
(b) Theory of Total Advantage
(c) Theory of Equal Advantage
(d) Theory of Comparative Advantage
View Answer 
(d) Theory of Comparative Advantage
63. Theory of Absolute Advantage was presented by:

(a) Ricardo
(b) Marshall
(c) Adam Smith
(d) Hicks
View Answer 
(c) Adam Smith
64. Which of the following is a direct tax?

(a) Excise Tax
(b) Sales Tax
(c) Income Tax
(d) Custome Duty
View Answer 
(c) Income Tax
65. A tax in which the initial money burden and the nal
burden of the tax is on the same person is
called__________________.
(a) Direct Tax
(b) Progressive Tax
(c) Indirect Tax
(d) Regressive Tax
View Answer 
(a) Direct Tax
Economics MCQs including with microeconomics and macroeconomics mcqs questions and answers
are updated daily. Keep visiting our sites regularly.
Visit More:
SPSC Lecturer Commerce Past Papers 2013.
SPSC Lecturer Economics Past Paper 2011.
Introduction to Business Mcqs.
Accounting Mcqs
Auditing MCQs
   
Facebook Twitter Pinterest LinkedIn

0 0 0 2
Buy Caravan General Knowledge Book (May 2020 Edition)
Caravan General Knowledge MCQs May

2020 By Ch Ahmed Najib
Buy Seagate Expansion 1TB External Hard Drive
Seagate-Expansion-1TB-Portable-External-Hard-
Drive-Disk
Search Here
Search
Follow Us
577 Follows
General Knowledge Urdu

577
Followers
Recent Posts
Shah Abdul Latif Poetry in Sindhi – Poetry of Shah Abdul Latif Bhittai
The Best Sindhi Poetry and Sindhi Shayari of 2020 – Sad Sindhi Poetry
‫ﻟﯾﻧس ڈاﺋون ﺑرج ﺳﮑﮭر ﮐﯽ ﺗﺎرﯾﺦ ﭘر اﯾﮏ ﻧظر‬
The Beautiful Gorakh Hill Station which is also known as the Murree of Sindh
Current A airs MCQs February 2020
Categories
Select Category
HOME
SITEMAP
ABOUT US
CONTACT US
DISCLAIMER
PRIVACY POLICY
COOKIES POLICY
TERMS AND
CONDITIONS


Economics Mcqs With Solved Microeconomics and Macroeconomics Questions and Answers For Exams Like NTS, SPSC, PPSC and FPSC

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Economics Mcqs With Solved Microeconomics and Macroeconomics Questions and Answers For Exams Like NTS, SPSC, PPSC and FPSC

Uploaded by

Copyright:

Available Formats

7/23/2020 Economics Mcqs - solved Microeconomics MCQs questions & answers

Economics Mcqs with solved

Here a list Economics mcqs questions and answers are provided.

Economics MCQs (Multiple Choice Questions)

1. Name the economist, who is known as the father of

(b) Alfred Marshall

(c) Adam Smith

(d) Lionel Robins

2. Which of the following economist de ned economics as

(b) Alfred Marshall

(c) Adam Smith

(d) Lionel Robins

3. According to the famous economist, Alfred Marshall,

(b) study of wealth

(c) science of scarcity

(d) study of determents of employment and income

4. Name the economist, who de ned economics as science of

(b) Alfred Marshall

(c) Adam Smith

(d) Lionel Robins

5. The study of economics is divided into how many branches?

Microeconomics and Macroeconomics

6. Name the economist, who wrote the book ‘The Wealth of

(b) Alfred Marshall

(c) Adam Smith

(d) Lionel Robins

7. The branch of economics which deals it as a whole is termed

(c) Managerial Economics

(d) All of them

8. The theory of demand establish a relationship

(b) The demand for a product and its Supply

(c) Price of the product and its Demand

(d) All of them

9. The amount of satisfaction from a the use of a product is

(c) Needs and Wants

10. Name the book written by Alfred Marshall:

(b) Principles of Economics

(c) Study of Science of Economics

(d) Both (b) and (c)

11. Ceteris Paribus means:

(b) All relationships are inverse

(c) Other things are equal

(d) That no other assumptions are made

12. The basic economic problem is of________________.

13. Adam Smith was a_________________.

(b) Neo Classical Economist

(c) Modern Economist

(d) All of the Above

14. Human wants are____________.

(d) One Thousand

15. Wealth of Nation was written by Adam Smith

(b) 1676 A.D.

(c) 1776 A.D.

(d) 1876 A.D.

16. What is the meaning of an economy?

(b) A country’s economic system

(c) Domestic Trade

(d) Sources of income of a family

17. A consumer is in equilibrium when marginal utilities

18. In case of negative marginal utility which of the following

(b) the total is decreasing

(c) the total is negative