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Economics MCQs with Explanations

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2011EconomicsMedium

What is the contribution of forestry to the agriculture sector?

A2.4

1.4

C3.4

D0.4%

Correct answer

D. 0.4%

Explanation

The correct answer is 0.4%.

2012EconomicsMedium

The growth rates of economies tend to converge because ________ is easier when capital per worker is low and because of?

Acapital-widening technical innovation

Bcapital-widening Catch-up in technology

Ccapital-deepening, catch-up in technology

Dcapital-deepening technical innovation

Correct answer

C. capital-deepening, catch-up in technology

Explanation

The correct answer is capital-deepening, catch-up in technology.

2013EconomicsMedium

The chief reason that Congress is so ineffective is________?

Aa result of the gradual emergence of the Supreme Court as a legislative body

Bthe development of the power of state governments

Cthat the Constitution delegates it so little power

Dthe traditional organization of the legislative branch

Correct answer

D. the traditional organization of the legislative branch

Explanation

The correct answer is the traditional organization of the legislative branch.

2014EconomicsMedium

If a Big Mac hamburger sells for the same dollar value in New York as in London then?

Athe exchange rates are said to be fixed pegged to each other

Bthe inflation rate in each country will necessarily equal 1 percent

Cpurchasing power parity holds

Dthe inflation rate in each country will necessarily equal zero

Correct answer

C. purchasing power parity holds

Explanation

The correct answer is purchasing power parity holds.

2015EconomicsMedium

Balance of payments of a country includes?

ABalance of trade

BA and B of above

CSavings and investment account

DCapital receipts and payments

Correct answer

B. A and B of above

Explanation

The correct answer is A and B of above.

2016EconomicsMedium

Agriculture contributes about ________ to the GDP?

A55%

B15%

C25%

D35%

Correct answer

C. 25%

Explanation

The correct answer is 25%.

2017EconomicsMedium

Which of the following is NOT within the secondary economic sector?

AAll of these

BHome construction

COil drilling

DSalmon canning

Correct answer

C. Oil drilling

Explanation

The correct answer is Oil drilling.

2018EconomicsMedium

Some frictional Unemployment is inevitable because?

AThere are changes in the demand for labour among different firms.

BOf unions

CAll of these answers

DEfficiency wages may hold the wage

Eof minimum wage laws

Correct answer

A. There are changes in the demand for labour among different firms.

Explanation

The correct answer is There are changes in the demand for labour among different firms..

2019EconomicsMedium

The largest producer of Tobacco in the world is?

AIndia

BRussia

CChina

DUSA

Correct answer

C. China

Explanation

The correct answer is China.

2020EconomicsMedium

The PFI aims to deliver public projects and services using?

Atime and motion studies

Bforeign labour

CThe private sector

DPublic borrowing

Correct answer

C. The private sector

Explanation

The correct answer is The private sector.

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