MCQOPTIONS
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MCQOPTIONS
This section includes 657 Mcqs, each offering curated multiple-choice questions to sharpen your Testing Subject knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
The households and the business firms of the economy are called__________________? |
| A. | Public sector |
| B. | Private sector |
| C. | Govt sector |
| D. | None |
| Answer» C. Govt sector | |
| 2. |
The gradual decline over time in the value or price of one currency in terms of another as a result of market forces of supply and demand ? |
| A. | Depreciation |
| B. | Downsizing |
| C. | Rightsizing |
| D. | All |
| Answer» D. All | |
| 3. |
The extreme case of physical resource endowment is ________________? |
| A. | Gulf oil states |
| B. | United states America |
| C. | USSR |
| D. | South Africa |
| Answer» B. United states America | |
| 4. |
The export of goods (or goods and services) of a nation less its imports of goods (or goods and services)__________________? |
| A. | Trade Balance |
| B. | Trade deficit |
| C. | Trade surplus |
| D. | None |
| Answer» D. None | |
| 5. |
The emigration of highly skilled and educated professionals and technical man power from developing to developed countries? |
| A. | Capital flight |
| B. | Immigration |
| C. | Brain Drain |
| D. | All |
| Answer» D. All | |
| 6. |
The determination by the state, of what shall be produced and how factors of production shall be allocated among different uses ? |
| A. | Circular flow model |
| B. | Cognitive planning |
| C. | Centralized planning |
| D. | None |
| Answer» D. None | |
| 7. |
The demand schedule or the demand curve of all buyers of a good or service is called____________________? |
| A. | Market demand |
| B. | Total demand |
| C. | Both |
| D. | None |
| Answer» D. None | |
| 8. |
The currency of a major industrial country, such as the U.S dollar___________________? |
| A. | Main currency |
| B. | Hard currency |
| C. | Stable currency |
| D. | None |
| Answer» C. Stable currency | |
| 9. |
The core value of development is________________? |
| A. | Sustenance |
| B. | Self esteem |
| C. | Freedom |
| D. | All |
| Answer» E. | |
| 10. |
The coordinating mechanism of capitalism is a system of___________________? |
| A. | Capital and laborers |
| B. | Competition |
| C. | Market and prices |
| D. | All |
| Answer» D. All | |
| 11. |
The branch of economics which analyze govt. revenues and expenditures is__________________? |
| A. | Public revenue |
| B. | Public finance |
| C. | Public good |
| D. | None |
| Answer» C. Public good | |
| 12. |
The body of knowledge and techniques which can be used to produce goods and service from economic resources is________________? |
| A. | Technology |
| B. | Advanced knowledge |
| C. | Both |
| D. | None |
| Answer» B. Advanced knowledge | |
| 13. |
The attainment of literacy, arithmetic competence and elementary vocational skills ? |
| A. | Basic qualifications |
| B. | Basic education |
| C. | Primary education |
| D. | All |
| Answer» C. Primary education | |
| 14. |
The annual amount that a borrower must pay a lender over an above the total borrowed ? |
| A. | Interest |
| B. | Loan |
| C. | Interest rated |
| D. | None |
| Answer» B. Loan | |
| 15. |
The amount by which a nation’s import of goods (or goods and services) exceeds its export of goods or goods and services is________________? |
| A. | Trade surplus |
| B. | Trade deficit |
| C. | Trade bloc |
| D. | None |
| Answer» C. Trade bloc | |
| 16. |
The amount by which a nation’s export of goods (or goods and services) exceeds its import of goods or goods and services is_______________? |
| A. | Trade surplus |
| B. | Trade deficit |
| C. | Trade off |
| D. | None |
| Answer» B. Trade deficit | |
| 17. |
The activity of buying or selling with the motive of later reselling or re buying for profit is called ? |
| A. | Spillover |
| B. | Speculation |
| C. | Specializing |
| D. | All |
| Answer» C. Specializing | |
| 18. |
Rural based population in less developed countries (LDC’s) ? |
| A. | 65 % |
| B. | 45 % |
| C. | 75 % |
| D. | None |
| Answer» B. 45 % | |
| 19. |
Rural based population in developed countries___________________? |
| A. | 42 % |
| B. | 27 % |
| C. | 50 % |
| D. | 35 % |
| Answer» C. 50 % | |
| 20. |
Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________? |
| A. | Economics of scale |
| B. | Economics of mass production |
| C. | Both of these |
| D. | None of these |
| Answer» D. None of these | |
| 21. |
Recurring increase and decrease in the level of economic activity over periods of years? |
| A. | Business cycle |
| B. | Cyclic flow |
| C. | Both |
| D. | None |
| Answer» B. Cyclic flow | |
| 22. |
Rates of open unemployment in developing world average ? |
| A. | 20-40% |
| B. | 8-15% |
| C. | 35-45% |
| D. | 40-60% |
| Answer» C. 35-45% | |
| 23. |
__________________provides an overview of the operation of the capitalist system ? |
| A. | Indifference curve |
| B. | Income budget line |
| C. | Circular flow model |
| D. | Says law |
| Answer» D. Says law | |
| 24. |
Proportion of school aged children who don’t complete a particular school cycle ? |
| A. | IIIiteracy rate |
| B. | Dropout rate |
| C. | Children un education rate |
| D. | All |
| Answer» C. Children un education rate | |
| 25. |
Productive investments embodied in human persons? |
| A. | Fixed capital |
| B. | Human capital |
| C. | Both A and B |
| D. | non of these |
| Answer» C. Both A and B | |
| 26. |
Productive efficiency means___________________? |
| A. | Producing all output combinations in the least costly way |
| B. | Producing the specific output mix most desired by society |
| C. | Producing the desired ones only |
| D. | None |
| Answer» B. Producing the specific output mix most desired by society | |
| 27. |
Production possibility curve is always concave because ? |
| A. | The curve gets steeper as we move downward |
| B. | The marginal benefit decreases as more of a good is consumed |
| C. | In reflects the law of increasing opportunity cost |
| D. | Resources are scarce |
| Answer» D. Resources are scarce | |
| 28. |
Problems that occur to the individuals or society as a whole as a result of the unpopular consumption habits. Of another individual e.g drug addiction ? |
| A. | Ammunity |
| B. | Commune |
| C. | Consumption diseconomies |
| D. | None of these |
| Answer» C. Consumption diseconomies | |
| 29. |
Private or public debt owed to foreign citizens firms and institutions ? |
| A. | External debt |
| B. | Internal debt |
| C. | Loan |
| D. | None |
| Answer» B. Internal debt | |
| 30. |
Power of a good/ service to satisfy human desire/want is called____________________? |
| A. | Utility |
| B. | Worth |
| C. | The point of satiety |
| D. | All of these |
| Answer» B. Worth | |
| 31. |
People who are eager and able to work but for whom no suitable jobs are available? |
| A. | Unemployment |
| B. | Open unemployment |
| C. | Under employment |
| D. | Disguised employment |
| Answer» C. Under employment | |
| 32. |
People both rural and urban who are working less than they could___________________? |
| A. | Under employment |
| B. | Open employment |
| C. | Partial employment |
| D. | None |
| Answer» B. Open employment | |
| 33. |
Other thing remain the same as price rises, the corresponding quantity supplied rises, as price falls the quantity supplied falls is___________________? |
| A. | Say’s law |
| B. | Keynes theory of supply |
| C. | Law of supply |
| D. | None |
| Answer» D. None | |
| 34. |
Opportunity cost is illustrated by the___________________? |
| A. | Steep slope |
| B. | Downward slope |
| C. | Positive slope |
| D. | None |
| Answer» C. Positive slope | |
| 35. |
Obtaining the socially optimal amounts of goods and services using minimum necessary resources ? |
| A. | Economic efficiency |
| B. | Productive efficiency |
| C. | Allocative efficiency |
| D. | All |
| Answer» E. | |
| 36. |
Number of peoples and their level of skills is called as________________? |
| A. | Human resources |
| B. | Physical resources |
| C. | Capital resources |
| D. | None |
| Answer» B. Physical resources | |
| 37. |
Nonproductive members of society are referred to as___________________? |
| A. | Society wastes |
| B. | Society burden |
| C. | Economic dependency burden |
| D. | None of these |
| Answer» D. None of these | |
| 38. |
Nominal income adjusted for inflation__________________? |
| A. | Real income |
| B. | Net income |
| C. | Total income |
| D. | None |
| Answer» B. Net income | |
| 39. |
Noble prize of Economics in 1979 was awarded to________________? |
| A. | W. Arthur Lewis |
| B. | Theodore Schultz |
| C. | Both a and b |
| D. | None |
| Answer» D. None | |
| 40. |
Monopoly and oligopoly are the examples of___________________? |
| A. | Perfect competition |
| B. | Imperfect competition |
| C. | Pure competition |
| D. | None |
| Answer» C. Pure competition | |
| 41. |
Meaningful statement about the economic behavior or the economy is called_______________________? |
| A. | Economic principle |
| B. | Economic theories |
| C. | Both |
| D. | None |
| Answer» D. None | |
| 42. |
Major financial institution responsible for issuing currency, managing foreign reserves implementing monetary policy and providing banking service to the govt. and commercial banks ? |
| A. | Central Bank |
| B. | State Bank |
| C. | Both |
| D. | None |
| Answer» C. Both | |
| 43. |
Loans not passed through formal banking system e.g. family loans? |
| A. | Formal finance |
| B. | Informal finance |
| C. | Med term loans |
| D. | Long term loans |
| Answer» D. Long term loans | |
| 44. |
Legally established maximum price of a good or service__________________? |
| A. | Ceiling price |
| B. | Floor price |
| C. | Max price |
| D. | None |
| Answer» B. Floor price | |
| 45. |
Labour force engage in Agriculture in economically developed nations ? |
| A. | 5% |
| B. | 10% |
| C. | 15% |
| D. | 2% |
| Answer» B. 10% | |
| 46. |
International resources shared by all countries e.g ocean, air etc? |
| A. | Global environment facility |
| B. | Global commons |
| C. | Global reserves |
| D. | None |
| Answer» B. Global commons | |
| 47. |
Index measuring deprivation in basic human development in a country ? |
| A. | Human deprivation index |
| B. | Human poverty index |
| C. | Human development index |
| D. | None |
| Answer» B. Human poverty index | |
| 48. |
Increasing a country’s stock of real capital (net investment in fixed essels)__________________? |
| A. | Capital accumulation |
| B. | Capital dumping |
| C. | Capital stock |
| D. | None |
| Answer» B. Capital dumping | |
| 49. |
Increases in the price level resulting from an excess of demand over output at the existing price level, caused by an increase in aggregate demand ? |
| A. | Demand pull inflation |
| B. | Stagflation |
| C. | Both |
| D. | None |
| Answer» B. Stagflation | |
| 50. |
Increase in the price level at a rate greater than expected ? |
| A. | Dearness |
| B. | Deflation |
| C. | Stagflation |
| D. | Unanticipated |
| Answer» E. | |