ECONOMICS ONE LINER MCQS
Economics is the study of how societies allocate limited resources to meet human needs. These Economics One Liner MCQs are designed for quick and effective learning of key principles such as demand, supply, production, inflation, and GDP. Moreover, these short questions are perfect for CSS, PMS, PPSC, and university-level tests. Regular practice helps students recall definitions, concepts, and economic laws faster. In addition, these MCQs build a solid foundation for understanding both micro and macroeconomics. Finally, learners can use these questions for daily revision and exam preparation to strengthen analytical and decision-making skills.
Basic Economics One Liner MCQs
What is economics?
Answer: The study of production, distribution, and consumption of goods and servicesWho is known as the father of economics?
Answer: Adam SmithWhat is the main subject of microeconomics?
Answer: Individual and firm-level economic decisionsWhat is the main subject of macroeconomics?
Answer: Economy as a wholeWhat does GDP stand for?
Answer: Gross Domestic ProductWhat is the study of inflation related to?
Answer: Increase in general price levelsWhat is scarcity in economics?
Answer: Limited resources to meet unlimited wantsWhat does opportunity cost mean?
Answer: The next best alternative forgoneWhat is demand?
Answer: The desire and ability to purchase goods or servicesWhat is supply?
Answer: The quantity of goods producers are willing to sell at a priceWhat is market equilibrium?
Answer: When demand equals supplyWhat does elasticity measure?
Answer: Responsiveness of demand or supply to price changesWhat is meant by capital in economics?
Answer: Man-made resources used in productionWhat is labor in economics?
Answer: Human effort used in producing goods and servicesWhat is land in economics?
Answer: All natural resources used for productionWhat is entrepreneurship?
Answer: The ability to organize production and take business risksWhat is production?
Answer: The process of creating goods and servicesWhat is consumption?
Answer: The use of goods and services to satisfy wantsWhat is utility?
Answer: Satisfaction received from consuming a productWhat is national income?
Answer: The total income earned by a country in a year
Economics One Liner MCQs cover key ideas like demand, supply, and scarcity. Perfect for mastering core concepts and boosting exam preparation.
Conclusion
Mastering these Economics One Liner MCQs gives learners a strong foundation for understanding global and local economic systems. Furthermore, this set prepares students for high-level exams like CSS, PMS, and PPSC. Keep practicing and move to the next sections to explore advanced areas like market structures, international trade, and fiscal policy.
FAQs
Q1: What are Economics One Liner MCQs?
A: They are short, fact-based questions that help students quickly revise key economic terms and theories.
Q2: Are these MCQs useful for competitive exams?
A: Yes, they are ideal for exams like CSS, PMS, NTS, and university-level economics tests.
Q3: How should I prepare for economics using MCQs?
A: Revise 20–30 MCQs daily, note difficult concepts, and revisit them regularly for better retention