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Economics MCQs: Test Your Knowledge and Boost Your Understanding
Are you ready to dive into some thought-provoking Economics MCQs? Our comprehensive collection of Economics MCQs is designed to challenge and enhance your understanding of key economic concepts. Whether you’re preparing for exams, looking to improve your knowledge for professional growth, or just interested in economic theories and applications, our Economics MCQs offer valuable insights and practice. Explore topics ranging from market dynamics and economic policies to global financial systems and microeconomics.
General Knowledge (GK) MCQs: Expand Your Knowledge Horizons
In addition to Economics MCQs, we provide a diverse range of General Knowledge (GK) MCQs to test and broaden your overall knowledge. Our GK MCQs cover a variety of subjects, ensuring you have a well-rounded grasp of general knowledge. Perfect for quiz enthusiasts, students, and anyone eager to learn more about the world, our General Knowledge (GK) MCQs are designed to keep you informed and engaged.
Which economist is known for his work on the theory of the ‘Great Depression’ and the role of government intervention?
A. John Maynard Keynes
B. Milton Friedman
C. Joseph Schumpeter
D. Friedrich Hayek
Answer: John Maynard Keynes
Which term refers to a type of government policy aimed at reducing inflation by restricting the money supply?
A. Monetary Tightening
B. Fiscal Stimulus
C. Quantitative Easing
D. Monetary Expansion
Answer: Monetary Tightening
Which economic principle asserts that as consumption increases, the marginal benefit derived from consuming additional units decreases?
A. Law of Diminishing Marginal Utility
B. Law of Increasing Marginal Returns
C. Law of Demand
D. Law of Supply
Answer: Law of Diminishing Marginal Utility
Which economic term describes the condition where the market price of a good or service is above the equilibrium price, leading to excess supply?
A. Surplus
B. Shortage
C. Equilibrium
D. Market Failure
Answer: Surplus
Which term refers to a market structure where a few large firms dominate the market and have significant control over prices?
A. Oligopoly
B. Monopoly
C. Perfect Competition
D. Monopolistic Competition
Answer: Oligopoly
Which term refers to the relationship between the quantity of a good supplied and its price, assuming other factors remain constant?
A. Supply Function
B. Demand Function
C. Equilibrium Price
D. Price Elasticity of Supply
Answer: Supply Function
Which term refers to a policy where the government adjusts its spending and taxation to influence the economy?
A. Fiscal Policy
B. Monetary Policy
C. Trade Policy
D. Regulatory Policy
Answer: Fiscal Policy
Which economic term refers to the total income earned by a country’s residents and businesses, including any income from abroad?
A. Gross National Income (GNI)
B. Gross Domestic Product (GDP)
C. Net National Product (NNP)
D. Net Domestic Product (NDP)
Answer: Gross National Income (GNI)
Which economic term describes the cost that is incurred in the production process and cannot be recovered?
A. Sunk Cost
B. Opportunity Cost
C. Explicit Cost
D. Implicit Cost
Answer: Sunk Cost