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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 situation where firms produce goods or services at a cost that is less than the industry average due to superior efficiency?
A. Cost Advantage
B. Competitive Advantage
C. Economies of Scale
D. Operational Efficiency
Answer: Cost Advantage
Which economic term describes the situation where resources are allocated inefficiently due to market distortions or government intervention?
A. Market Failure
B. Economic Efficiency
C. Perfect Competition
D. Equilibrium
Answer: Market Failure
Which term describes the economic principle where firms in an industry are price takers and must accept the market price?
A. Price Taker
B. Price Maker
C. Market Share
D. Market Power
Answer: Price Taker
Which term refers to a type of market structure where a single seller controls the entire market supply of a good or service?
A. Monopoly
B. Oligopoly
C. Monopolistic Competition
D. Perfect Competition
Answer: Monopoly
Which term refers to a market where there are many buyers and sellers, and no single entity can influence the market price?
A. Perfect Competition
B. Monopoly
C. Oligopoly
D. Monopolistic Competition
Answer: Perfect Competition
Which economic term refers to the total revenue minus total cost for a firm?
A. Profit
B. Revenue
C. Cost
D. Marginal Revenue
Answer: Profit
Which term describes the cost of producing one additional unit of a good or service?
A. Marginal Cost
B. Fixed Cost
C. Average Cost
D. Total Cost
Answer: Marginal Cost
Which economic principle asserts that increasing the consumption of a good will eventually lead to a decrease in its marginal utility?
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 refers to the monetary cost of forgoing the next best alternative when making a decision?
A. Opportunity Cost
B. Explicit Cost
C. Implicit Cost
D. Sunk Cost
Answer: Opportunity Cost