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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 term refers to the measure of the change in total output resulting from a change in the quantity of inputs used in production?
A. Marginal Product
B. Total Product
C. Average Product
D. Returns to Scale
Answer: Marginal Product
Which term refers to the economic policy of reducing inflation by restricting the growth of the money supply?
A. Monetary Tightening
B. Quantitative Easing
C. Fiscal Stimulus
D. Expansionary Monetary Policy
Answer: Monetary Tightening
Which term describes the practice of governments using taxation and spending to influence economic activity?
A. Fiscal Policy
B. Monetary Policy
C. Trade Policy
D. Regulatory Policy
Answer: Fiscal Policy
Which economic term refers to a market situation where there are many buyers and sellers, and no single entity has significant market power?
A. Perfect Competition
B. Monopoly
C. Oligopoly
D. Monopolistic Competition
Answer: Perfect Competition
Which term describes the overall balance of payments of a country when its exports exceed its imports?
A. Trade Surplus
B. Trade Deficit
C. Balance of Payments
D. Current Account Deficit
Answer: Trade Surplus
Which term refers to the measure of the responsiveness of the quantity supplied of a good to a change in its price?
A. Price Elasticity of Supply
B. Income Elasticity of Supply
C. Cross Elasticity of Supply
D. Elasticity of Demand
Answer: Price Elasticity of Supply
Which term describes the practice of a central bank changing the interest rates to influence economic activity?
A. Monetary Policy
B. Fiscal Policy
C. Trade Policy
D. Regulatory Policy
Answer: Monetary Policy
Which term refers to the economic concept of achieving the maximum output from a given set of inputs?
A. Efficiency
B. Equity
C. Equilibrium
D. Elasticity
Answer: Efficiency
Which term describes the concept that increasing the number of workers or resources can lead to an increase in the total output produced?
A. Returns to Scale
B. Marginal Returns
C. Opportunity Cost
D. Diminishing Marginal Returns
Answer: Returns to Scale