Economics Practice MCQ Page 11

Multiple Choice questions for Economics in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 1310   Used cars are sold in a (n)
  1. perfectly competitive,local market.
  2. perfectly competitive,national market.
  3. imperfect,national market.
  4. imperfect ,international market.
  5. imperfect,local market.
Question: 1311   A shift in the demand for a product is likely to result from a change in
  1. the product's price
  2. the price of other products which could be produced using similar resources.
  3. expectations.
  4. the price of resources used to produce it.
  5. production technology.
Question: 1314   The law of demand is most directly a result of
  1. the law of comparative advantage.
  2. the law of diminishing returns.
  3. the principle of substitution.
  4. economies of large -scale production.
  5. the law of increasing costs.
Question: 1317   If the price of cheese increases ,then
  1. the demand for cheese will increase.
  2. the demand for cheese will decrease .
  3. the quantity of cheese demand will decrease.
  4. both the demand and the quantity of cheese demand will decrease.
Question: 1318   If the price of a good rises and household' incomes go up exactly the same proportion then quantity of the good demanded will
  1. increase.
  2. stay the same.
  3. decrease.
  4. decrease or stay the same ,but not in crease.
  5. be unpredictable based on information given.
Question: 1320   If a good is an inferior good ,then an increase in incomes with everything else held constant will
  1. increase demand for the good.
  2. increase supply of the good.
  3. leave demand and supply unchanged.
  4. reduce the equilibrium price of the good.
  5. have a unpredictable effect on the market.
Question: 1322   If there is an increase in the supply of a complement to radishes,then there will be a(n)
  1. increased demand for radishes.
  2. increased supply of radishes.
  3. no change in demand or supply of radishes.
  4. a decrease in the equilibrium price of radishes.
  5. an unpredictable effect on the radishes market.
Question: 1324   If the price for which consumers expect radios to sell next year decreases,then
  1. current demand for radios will fall.
  2. current supply of radio will fall.
  3. current demand for radios will rise only if radios are a normal good.
  4. current demand for radios will rise.
  5. current demand will change unpredictably.
Question: 1326   The supply curve would probably shift to the right if
  1. resources used in production became more costly.
  2. the technology of production improved.
  3. the of price of the good decreased.
  4. consumer' incomes increased.
  5. some sellers left the market.
Question: 1327   Plumbing and pipe fitting require many of the same skills.If the wage paid to pipe fitters increased ,then the effect on the market for plumbers would probably be
  1. an increase in demand .
  2. a decrease in demand .
  3. an increase in supply.
  4. a decrease in supply.
  5. decreases in both demand and supply.
Question: 1331   Holding everything else constant ,an increase in supply leads to
  1. an increase in demand .
  2. an increase in price.
  3. an increase in quantity exchanged.
  4. a decrease in demand.
  5. a decrease in quantity supplied.
Question: 1332   Some farm land can be used to produce either corn or soybeans .If the demand for corn increase ,then
  1. the demand for soybeans should increase .
  2. the supply of soybeans should increase.
  3. the demand for soybeans should decrease.
  4. the supply of soybeans should decrease.
  5. the market for soybeans should be largely unaffected.

Answers to the questions of Economics on this page

Following list gives the correct choice for the answer of the Economics mcqs.
1310 . E       1311 . C       1314 . C       1317 . D       1318 . E       1320 . D       1322 . A       1324 . A       1326 . B       1327 . D       1331 . C       1332 . D      

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