‘From each according to his ability, to each according to his needs’ is the theoretical slogan of which system?
Correct answer D. Communist System
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Economics MCQs
Page 119 of Economics multiple-choice questions with answers. Tap an option to check yourself.
Page 119 of 131
- Miscellaneous Economics 737
- Basic of Economics 430
- Markets, Efficiency And The Public Interest 167
- Agriculture & Irrigation System of Pakistan 126
- Market 87
- Macroeconomic Issues and Analysis 75
- Money, Interest Rates And Output 73
- Introduction To Economics 70
- Population And Development 62
- Profit Maximizing Under Perfect Competition And Monopoly 56
- Income Inequality 52
- Non-Tariff Trade Barriers 48
- Aggregate Supply, Unemployment And Inflation 45
- Natural Resources and the Environment Toward Sustainable Development 44
- Costs , Supply And Perfect Competition 44
- Human Capital 42
- Labour Market 39
- Monopoly 35
- Long Term Economic Growth 30
- Inflation & Productivity 30
- Regional Trading Arrangements 29
- Characteristics and Institutions of Developing Countries 24
- Oligopoly 23
- Consumer Theory vs. Real Consumers 20
- Applied Microeconomics 20
- Alternative Theories Of The Firm 20
- Public Goods 20
- Balance of Payments, Aid and Foreign Investment 19
- Prices, Wages & Taxes 19
- Comparative GDP 19
- Budget Deficits And The Trade Balance 18
- Macroeconomic Policy Tools 18
- Asymmetric Information 17
- Application of Economics 16
- Production Factors 16
- Monopoly & Competition 15
- Capital Formation, Investment Choice, Information Technology, And Technical Progress 15
- Monetary, Fiscal And Incomes Policy, And Inflation 15
- Average And Total Cost 14
- Poverty, Malnutrition, And Income Inequality 12
- Monetary Union 10
Which of these counts as valid currency?
Correct answer D. Currency note
Under what condition can two countries benefit from trading with each other?
Correct answer D. Both cost ratios and price ratios are different
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Which of these describes deflation?
Correct answer B. Reverse of inflation
Total revenue minus which costs gives accounting profit?
Correct answer B. Explicit costs
Naila makes 1,000 pieces of pottery a year and sells them for Rs100 each. Raw materials cost Rs20,000. She has invested Rs100,000 in her factory and equipment: Rs50,000 of her own savings and Rs50,000 borrowed at 10 percent (she could also have lent her own money at 10 percent). She could earn Rs40,000 a year at a rival pottery factory. What is the accounting profit of her factory?
Correct answer C. Rs75,000
What follows if a firm has implicit costs of production?
Correct answer D. Accounting profit will exceed economic profit
If a production function shows diminishing marginal product, how does the slope of the related total-cost curve behave?
Correct answer B. Becomes steeper as the quantity of output increases
Which of these is a variable cost in the short run?
Correct answer B. Wages paid to factory labour
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What is true when marginal cost equals average total cost?
Correct answer D. Average total cost is minimised
In the long run, what is a very small factory likely to experience at first if it expands its scale of operations?
Correct answer D. Economies of scale
The efficient scale of production is the output level that minimises which cost?
Correct answer B. Average total cost
Total revenue minus which costs gives economic profit?
Correct answer B. Implicit costs
Naila makes 1,000 pieces of pottery a year and sells them for Rs100 each. Raw materials cost Rs20,000. She has invested Rs100,000 in her factory and equipment: Rs50,000 of her own savings and Rs50,000 borrowed at 10 percent (she could also have lent her own money at 10 percent). She could earn Rs40,000 a year at a rival pottery factory. What is the economic profit of her factory?
Correct answer B. Rs30,000
How does the slope of a production function behave if it shows diminishing marginal product?
Correct answer B. Becomes flatter as the quantity of the input increases
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Which of the following statements about costs is true?
Correct answer B. All costs are variable in the long run
What happens to average total cost when marginal cost is below it?
Correct answer A. Average total cost is falling
If a production function first shows increasing and then diminishing marginal product as output rises, what shape will the marginal-cost curve have?
Correct answer D. Be U-shaped
Jamil’s car needs repairs, so he sells it to avoid the repair bill. Shahab, unaware of the problem, buys it. What is this an example of?
Correct answer C. Adverse selection
Markus works as a travelling salesman for a clothing company. What is Markus’s role in this employment relationship?
Correct answer D. Agent