Economics Most Repeated 100 MCQs In Entry Tests

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Economics Most Repeated 100 MCQs In Entry Tests

If you are looking for preparations of Economics MCQs and short question answers you are on the right page. Learn and prepare these mostly asked Economics questions for exams such as PPSC, CSS, PMS, NTS, PTS, OTS, FPSC, BPSC, SPSC, KPPSC and other entry tests and interviews. This collection contains 100 Economics MCQs with answers for practice.

Economics MCQs with Answer Quiz Test

These MCQs are easy to learn by selecting the correct option from (A, B, C, D). Each question has a button that shows the answer, and the provided answer is correct for that question. All of these are Economics MCQs for upcoming jobs and exams preparations.

1. Q.1: The fundamental concept of Economics about resources is that the resources are?; a) equally distributed; b) unequally distributed; c) scarce; d) unlimited
2. Q.2: Consider a world without scarcity of resources. Then what would be the consequences?; a) All prices would be zero; b) Markets would be unnecessary; c) Economics would no longer be a useful subject; d) All of the above
3. Q.3: Who is considered the founder of Microeconomics?; a) Adam Smith; b) John Keynes; c) Friedrich Hayek; d) Milton Friedman
4. Q.4: Who is considered the founder of modern Macroeconomics?; a) Adam Smith; b) John Keynes; c) Friedrich Hayek; d) Milton Friedman
5. Q.5: When analyzing the impact of a variable on the economic system, the other things?; a) must be kept constant; b) must also be analyzed; c) must not be taken into consideration; d) none of these
6. Q.6: Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are?; a) land and capital; b) land and labor; c) land, labor, and capital; d) land, labor, capital, and investment
7. Q.7: Goods produced to produce yet other goods is called?; a) final goods; b) capital; c) investment; d) resources
8. Q.8: Which economic term is used to represent inequality in income distribution?; a) GDP; b) GNP; c) Gini; d) HDI
9. Q.9: The value of the good or service forgone by choosing another investment is called?; a) opportunity cost; b) purchasing power parity; c) disposable income; d) consumer price index
10. Q.10: The central role of markets is to determine the?; a) quality of goods; b) quantity of goods; c) level of income; d) price of goods
11. Q.11: The branch of economics concerned with overall performance of the economy is known as?; a) Microeconomics; b) Macroeconomics; c) Econometrics; d) Keynesian Economics
12. Q.12: The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as?; a) Microeconomics; b) Macroeconomics; c) Econometrics; d) Keynesian Economics
13. Q.13: The branch of economics concerned with the behavior of markets, firms, and households is known as?; a) Microeconomics; b) Macroeconomics; c) Econometrics; d) Bayesian Economics
14. Q.14: An economy is producing efficiently when no individual’s economic welfare can be improved unless?; a) supply is increased; b) demand is increased; c) someone else is improved; d) someone else is made worse off
15. Q.15: Taxes are used to discourage ---------- of a commodity?; a) consumption; b) production; c) saving; d) inflation
16. Q.16: Subsidies are used to encourage ---------- of a commodity?; a) consumption; b) production; c) saving; d) inflation
17. Q.17: Which from the following economic resources cannot be converted into commodity?; a) Land; b) Labour; c) Capital; d) All of these can be converted into commodity
18. Q.18: Which from the following are features of a modern economy?; a) Specialization; b) Division of Labor; c) Financial Markets; d) All of the above
19. Q.19: When no firm or consumer is large enough to affect the market price, the market is assumed to have?; a) perfect competition; b) imperfect competition; c) no competition; d) none of these
20. Q.20: Which from the following are the results of imperfect competition in the markets?; a) Monopolies; b) Externalities; c) Public goods; d) All of the above
21. Q.21: When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called?; a) the post hoc fallacy; b) failure to hold other things constant; c) the fallacy of composition; d) normative fallacy
22. Q.22: When we assume that what is true for the part is also true for the whole, we are committing?; a) the post hoc fallacy; b) failure to hold other things constant; c) the fallacy of composition; d) normative fallacy
23. Q.23: The three fundamental economic problems every human society must confront and resolve are?; a) what, how and when; b) what, where and when; c) what, how, and for whom; d) how, where, and for whom
24. Q.24: The three fundamental economic problems of what, how, and for whom are solved by?; a) supply; b) demand; c) consumption; d) markets
25. Q.25: Fiscal policy consists of government’s?; a) revenue and taxation; b) taxation and credit control; c) expenditure and investment; d) expenditure and taxation
26. Q.26: The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called?; a) the supply curve; b) the demand curve; c) production-possibility frontier; d) the supply-demand equilibrium
27. Q.27: Which economic term is used to measure the overall performance of an economy?; a) GDP; b) GNP; c) Gini; d) HDI
28. Q.28: Productive efficiency occurs when an economy cannot produce ----- of one good without producing ----- of another good?; a) more, more; b) more, less; c) less, less; d) none of these
29. Q.29: The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the?; a) self-regulating economy; b) government-controlled economy; c) command economy; d) socialism
30. Q.30: The increase in economic integration among nations is termed as?; a) specialization; b) market economy; c) globalization; d) equilibrium condition
31. Q.31: The price elasticity of demand is the percentage change in ----- demanded divided by the percentage change in -----?; a) supply, price; b) quantity, price; c) price, supply; d) price, quantity
32. Q.32: When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have?; a) price-elastic demand; b) price-elastic supply; c) price-inelastic demand; d) price-inelastic supply
33. Q.33: When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have?; a) price-elastic demand; b) price-elastic supply; c) price-inelastic demand; d) price-inelastic supply
34. Q.34: When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have?; a) unit-elastic demand; b) unit-elastic supply; c) price equilibrium; d) supply-demand equilibrium
35. Q.35: The term “recession” refers to the?; a) high employment; b) high unemployment; c) high supply and demand; d) low supply and demand
36. Q.36: What from the following measures a government can take to reduce inequality in the distribution of income?; a) Progressive taxation; b) Transfer payments; c) Subsidize consumption of low-income groups; d) All of the above
37. Q.37: Capital is one of the three fundamental inputs called factors of production which is a produced and durable input and is itself an output of an economy. Which from the following is NOT among capital?; a) Clothing; b) Machines; c) Highways; d) Buildings
38. Q.38: The economic term used to rank countries according to human development is?; a) GDP Per Capita; b) GNP; c) Gini; d) HDI
39. Q.39: The ultimate goal of economic science is to?; a) improve the living standard of people; b) obtain the highest possible GDP; c) minimize the unemployment; d) obtain equilibrium between inflation and employment
40. Q.40: In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by discussions?; a) Do higher interest rates slow the economy?; b) Do higher interest rates lower inflation?; c) Should a country lower tariff on imports?; d) Does higher employment raise the inflation?
41. Q.41: The conflict of interest between owners of a company and the management of the company is termed as?; a) company dilemma; b) company trade-off; c) owner-manager problem; d) principal-agent problem
42. Q.42: The term “oligopoly” means?; a) monopoly; b) few sellers; c) socialism; d) many sellers
43. Q.43: In a monopolistic competition, a business finds its maximum-profit position where?; a) MR > MC; b) MR < MC; c) MR = MC; d) MR + MC = 1
44. Q.44: In a perfect competition, maximum profit occurs where marginal revenue equals?; a) price; b) cost; c) marginal cost; d) marginal profit
45. Q.45: A businessman or a company should accept investments that have ----- net present values?; a) positive; b) negative; c) zero; d) constant
46. Q.46: A businessman or a company should accept investments that offer rates of return ----- their opportunity costs of capital?; a) equal to; b) greater than; c) less than; d) related to
47. Q.47: When price rises, the quantity demanded generally tends to fall because of: I. income effect II. substitution effect; a) I only; b) II only; c) I or II; d) I and II
48. Q.48: If there are changes in factors other than a product’s own price that affect the quantity purchased, the phenomena is termed as?; a) Law of upward-sloping demand; b) Law of downward-sloping demand; c) shifts in demand; d) In-equilibrium of supply and demand
49. Q.49: An increase in supply generally ----- price and ----- quantity demanded?; a) lowers, raises; b) raises, lowers; c) lowers, lowers; d) raises, raises
50. Q.50: Marginal revenue (MR) is ----- when demand is elastic, ----- when demand is unit-elastic, and ----- when demand is inelastic?; a) zero, positive, negative; b) zero, negative, positive; c) positive, negative, zero; d) Economics MCQs
51. Q.51: The fundamental concept of Economics about resources is that the resources are?; a) equally distributed; b) unequally distributed; c) scarce; d) unlimited
52. Q.52: Consider a world without scarcity of resources. Then what would be the consequences?; a) All prices would be zero; b) Markets would be unnecessary; c) Economics would no longer be a useful subject; d) All of the above
53. Q.53: Who is considered the founder of Microeconomics?; a) Adam Smith; b) John Keynes; c) Friedrich Hayek; d) Milton Friedman
54. Q.54: Who is considered the founder of modern Macroeconomics?; a) Adam Smith; b) John Keynes; c) Friedrich Hayek; d) Milton Friedman
55. Q.55: When analyzing the impact of a variable on the economic system, the other things?; a) must be kept constant; b) must also be analyzed; c) must not be taken into consideration; d) none of these
56. Q.56: Inputs are combined with technology to produce outputs. The fundamental inputs (also called factors of production) are?; a) land and capital; b) land and labor; c) land, labor, and capital; d) land, labor, capital, and investment
57. Q.57: Goods produced to produce yet other goods is called?; a) final goods; b) capital; c) investment; d) resources
58. Q.58: Which economic term is used to represent inequality in income distribution?; a) GDP; b) GNP; c) Gini; d) HDI
59. Q.59: The value of the good or service forgone by choosing another investment is called?; a) opportunity cost; b) purchasing power parity; c) disposable income; d) consumer price index
60. Q.60: The central role of markets is to determine the?; a) quality of goods; b) quantity of goods; c) level of income; d) price of goods
61. Q.61: The branch of economics concerned with overall performance of the economy is known as?; a) Microeconomics; b) Macroeconomics; c) Econometrics; d) Keynesian Economics
62. Q.62: The branch of economics concerned with the use of statistical methods to obtain empirical results for economic relations is known as?; a) Microeconomics; b) Macroeconomics; c) Econometrics; d) Keynesian Economics
63. Q.63: The branch of economics concerned with the behavior of markets, firms, and households is known as?; a) Microeconomics; b) Macroeconomics; c) Econometrics; d) Bayesian Economics
64. Q.64: An economy is producing efficiently when no individual’s economic welfare can be improved unless?; a) supply is increased; b) demand is increased; c) someone else is improved; d) someone else is made worse off
65. Q.65: Taxes are used to discourage ---------- of a commodity?; a) consumption; b) production; c) saving; d) inflation
66. Q.66: Subsidies are used to encourage ---------- of a commodity?; a) consumption; b) production; c) saving; d) inflation
67. Q.67: Which from the following economic resources cannot be converted into commodity?; a) Land; b) Labour; c) Capital; d) All of these can be converted into commodity
68. Q.68: Which from the following are features of a modern economy?; a) Specialization; b) Division of Labor; c) Financial Markets; d) All of the above
69. Q.69: When no firm or consumer is large enough to affect the market price, the market is assumed to have?; a) perfect competition; b) imperfect competition; c) no competition; d) none of these
70. Q.70: Which from the following are the results of imperfect competition in the markets?; a) Monopolies; b) Externalities; c) Public goods; d) All of the above
71. Q.71: When one event occurred before another event, the fallacy in economic reasoning that the first event caused the second event is called?; a) the post hoc fallacy; b) failure to hold other things constant; c) the fallacy of composition; d) normative fallacy
72. Q.72: When we assume that what is true for the part is also true for the whole, we are committing?; a) the post hoc fallacy; b) failure to hold other things constant; c) the fallacy of composition; d) normative fallacy
73. Q.73: The three fundamental economic problems every human society must confront and resolve are?; a) what, how and when; b) what, where and when; c) what, how, and for whom; d) how, where, and for whom
74. Q.74: The three fundamental economic problems of what, how, and for whom are solved by?; a) supply; b) demand; c) consumption; d) markets
75. Q.75: Fiscal policy consists of government’s?; a) revenue and taxation; b) taxation and credit control; c) expenditure and investment; d) expenditure and taxation
76. Q.76: The maximum quantity of goods that can be efficiently produced by an economy using its scarce resources and available technology is called?; a) the supply curve; b) the demand curve; c) production-possibility frontier; d) the supply-demand equilibrium
77. Q.77: Which economic term is used to measure the overall performance of an economy?; a) GDP; b) GNP; c) Gini; d) HDI
78. Q.78: Productive efficiency occurs when an economy cannot produce ----- of one good without producing ----- of another good?; a) more, more; b) more, less; c) less, less; d) none of these
79. Q.79: The concept of invisible hand in the organization of supply and demand in a well-functioning market mechanism refers to the?; a) self-regulating economy; b) government-controlled economy; c) command economy; d) socialism
80. Q.80: The increase in economic integration among nations is termed as?; a) specialization; b) market economy; c) globalization; d) equilibrium condition
81. Q.81: The price elasticity of demand is the percentage change in ----- demanded divided by the percentage change in -----?; a) supply, price; b) quantity, price; c) price, supply; d) price, quantity
82. Q.82: When price of a commodity increased by 3%, the quantity demanded decreased by 5%. The quantity is said to have?; a) price-elastic demand; b) price-elastic supply; c) price-inelastic demand; d) price-inelastic supply
83. Q.83: When price of a commodity increased by 5%, the quantity demanded decreased by 3%. The quantity is said to have?; a) price-elastic demand; b) price-elastic supply; c) price-inelastic demand; d) price-inelastic supply
84. Q.84: When price of a commodity decreased by 4%, the quantity demanded increased by 4%. The quantity is said to have?; a) unit-elastic demand; b) unit-elastic supply; c) price equilibrium; d) supply-demand equilibrium
85. Q.85: The term “recession” refers to the?; a) high employment; b) high unemployment; c) high supply and demand; d) low supply and demand
86. Q.86: What from the following measures a government can take to reduce inequality in the distribution of income?; a) Progressive taxation; b) Transfer payments; c) Subsidize consumption of low-income groups; d) All of the above
87. Q.87: Capital is one of the three fundamental inputs called factors of production which is a produced and durable input and is itself an output of an economy. Which from the following is NOT among capital?; a) Clothing; b) Machines; c) Highways; d) Buildings
88. Q.88: The economic term used to rank countries according to human development is?; a) GDP Per Capita; b) GNP; c) Gini; d) HDI
89. Q.89: The ultimate goal of economic science is to?; a) improve the living standard of people; b) obtain the highest possible GDP; c) minimize the unemployment; d) obtain equilibrium between inflation and employment
90. Q.90: In which from the following questions, we can only examine the likely consequences of alternative policies, and the answer can be resolved only by discussions?; a) Do higher interest rates slow the economy?; b) Do higher interest rates lower inflation?; c) Should a country lower tariff on imports?; d) Does higher employment raise the inflation?
91. Q.91: The conflict of interest between owners of a company and the management of the company is termed as?; a) company dilemma; b) company trade-off; c) owner-manager problem; d) principal-agent problem
92. Q.92: The term “oligopoly” means?; a) monopoly; b) few sellers; c) socialism; d) many sellers
93. Q.93: In a monopolistic competition, a business finds its maximum-profit position where?; a) MR > MC; b) MR < MC; c) MR = MC; d) MR + MC = 1
94. Q.94: In a perfect competition, maximum profit occurs where marginal revenue equals?; a) price; b) cost; c) marginal cost; d) marginal profit
95. Q.95: A businessman or a company should accept investments that have ----- net present values?; a) positive; b) negative; c) zero; d) constant
96. Q.96: A businessman or a company should accept investments that offer rates of return ----- their opportunity costs of capital?; a) equal to; b) greater than; c) less than; d) related to
97. Q.97: When price rises, the quantity demanded generally tends to fall because of? I. income effect II. substitution effect; a) I only; b) II only; c) I or II; d) I and II
98. Q.98: If there are changes in factors other than a product’s own price that affect the quantity purchased, the phenomena is termed as?; a) Law of upward-sloping demand; b) Law of downward-sloping demand; c) shifts in demand; d) In-equilibrium of supply and demand
99. Q.99: An increase in supply generally ----- price and ----- quantity demanded?; a) lowers, raises; b) raises, lowers; c) lowers, lowers; d) raises, raises
100. Q.100: Marginal revenue (MR) is ----- when demand is elastic, ----- when demand is unit-elastic, and ----- when demand is inelastic?; a) zero, positive, negative; b) zero, negative, positive; c) positive, negative, zero; d) positive, zero, negative

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