Economics MCQs | Quiz, Multiple Choice Questions

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Economics multiple choice questions (MCQs) test page-1. These economics quiz are from fundamentals of economics, basic economic theories, micro economics and macro economics. Find answers to the featured economics MCQ (multiple choice quiz) after the third question.
FEATURED ECONOMICS MCQS
1. Which economic term is used to measure overall performance of an economy?
(A) GDP
(B) GNP
(C) Gini
(D) HDI

2. Taxes are used to discourage _______ of a commodity.
(A) consumption
(B) production
(C) saving
(D) inflation

3. Which “Economic term” is used to rank countries according to human development?
(A) GDP Per Capita
(B) GNP
(C) Gini
(D) HDI

ANSWERS: FEATURED ECONOMICS MCQS
1. (A) GDP
2. (A) consumption
3. (D) HDI (Human Development Index) (See below ↓ for regular economics questions)

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ECONOMICS MCQ (MULTIPLE CHOICE QUESTION)
1. The fundamental concept of Economics about resources is that the resources are
(A) equally distributed
(B) unequally distributed
(C) scarce
(D) unlimited

2. Consider a world without scarcity of resources. Then what would be the consequences?
(A) All prices would be zero
(B) Markets would be unnecessary
(C) Economics would no longer be a useful subject
(D) All of the above

3. Who is considered the founder of Microeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman

4. Who is considered the founder of modern Macroeconomics?
(A) Adam Smith
(B) John Keynes
(C) Friedrich Hayek
(D) Milton Friedman

5. When analyzing the impact of a variable on the economic system, the other things
(A) must be kept constant
(B) must also be analyzed
(C) must not be taken into consideration
(D) none of these

ANSWERS: ECONOMICS MCQS
1. (C) scarce
2. (D) All of the above
3. (A) Adam Smith
4. (B) John Keynes
5. (A) must be kept constant Next: Economics MCQs 6–10

ECONOMICS MCQS | MULTIPLE CHOICE QUESTIONS TEST.