81. The costs that depend on output in the short run are?
A. total fixed cost only.
B. total variable costs only.
C. both total variable costs and total costs.
D. total costs only
✅ The correct answer is option C.
Economics MCQs
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82. Real GNP is a crude measure of national welfare because it excludes ?
A. Consumption
B. Investment
C. Exports
D. Work in the home
✅ The correct answer is option D.
83. Government levy tax on imports and exports What this tax is called ?
A. Custom
B. Exercise Duty
C. Tariff
D. Freight
✅ The correct answer is option C.
84. For the oil-importing countries, the increase in oil prices in 1970s and early 2000s contributed to all of the following except ?
A. Balance of trade deficits
B. Price inflation
C. Constrained economic growth
D. Improving terms of trade
✅ The correct answer is option D.
85. During the 1980s and 1990s a period of economic conservative governments, a leading approach among development economists was?
A. Neoclassicism
B. Marxism
C. Rostow’s model
D. Classical approach
✅ The correct answer is option nu.
86. What is called a country’s total financial obligations to the rest of the world ?
A. Total debt
B. Debt burden
C. National liabilities
D. External debt
✅ The correct answer is option D.
87. What is Gross Domestic Product (GDP)?
A. Value of all economic activity with in a nation’s border
B. Economics output of a country
C. Economic activities of federal government
D. None of these
✅ The correct answer is option A.
88. If the product is an inferior good, Demand is ?
A. Inversely related to income
B. Inversely related to price
C. Directly related to price
D. Inversely related to the price of substitutes
✅ The correct answer is option A.
89. Percentage of total industry sales that a particular company controls is called?
A. Lion’s share
B. Market share
C. Net share
D. Holding share
✅ The correct answer is option B.
90. Who was not a classical economist?
A. Adam Smith
B. Thomas R. Malthus
C. John Stuart Mill
D. John Maynard Keynes
✅ The correct answer is option D.