PPSC Economics Topic 10 MCQS Test Preparation

Punjab Public Service Commission, PPSC is an organization regulated by the Punjab government to sort out the suitable and deserving candidates for several vacant positions at the Punjab province level. The organization makes sure that the exams are conducted in a peaceful and satisfactory environment. Moreover, the organization also announces the results with complete transparency and helps in the further recruiting process at the provincial level.

MCQ's Test For PPSC Economics Topic 10 Most Frequently Asked Economics MCQS

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PPSC Economics Topic 10 Most Frequently Asked Economics MCQS

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Question # 1

The form of intonational price discrimination normally associated with economic recession or excess inventions in the exporting nation is known as.

Question # 2

If in market the seller is changing different prices for the same commodity from different consumers it is known as.

Question # 3

Those who argue in favor of import protection generally give the impression that such restricted trade will

Question # 4

The impact and incidence of sales tax is

Question # 5

The overall Budget Deficit is financed from

Question # 6

Price controls are

Question # 7

The% change in quantity demanded due to % change in incomes.

Question # 8

In the balcne of payments, travel and tourism are included int he category of.

Question # 9

Import substitution is an example of.

Question # 10

In the classical model of Ricardo the direction of trade is delemined by.

Question # 11

A specification of a maximum amount of a foreign produced good that will be allowed to enter the country over a given time period is referred to as a

Question # 12

Quotas are government imposed limits on the ________ of goods trade between countries.

Question # 13

Starting from a position where the nation's money demand equals the money supply and its balance of payments is it equilibrium, economic theory suggest that the nation's balance of payments would more into a surplus position if there occurred in the nation a.

Question # 14

Productivity can grow.

Question # 15

Guid up of foreign exchange reserves leads to.

Question # 16

Skills that cna be transferred to other employers are called.

Question # 17

Which of the following is likely ot be longer for monetary policy that for fiscal policy.

Question # 18

According to the cost based definition of dumping dumping occurs when a firm sets a product abroad at a price that is less than

Question # 19

Expansion in money supply stems from.

Question # 20

The term of trade is given by the process.

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10th Chapter

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Sr.# Question Answer
1 Equilibrium price is a price at which
A. Quantity demanded is equal to quantity suppled
B. Quantity demanded minus quantity supplied is zero
C. quantity demanded = quantity supplied
D. All of these
2 In the home country government grants a subsidy of a domestically produced good domestic producers tend to.
A. Capture the entire subsidy in the form of higher profits
B. Increase their level of production
C. Reduce wages paid to domestic workers
D. Consider the subsidy as an increase in production cost
3 If a small country imposes a tariff on an imported good its terms of trade will
A. Improve
B. Worsen
C. Not change
D. any of the above
4 If tastes are identical between countries than comparative advantage is determined by
A. Supply conditions only
B. Demand conditions only
C. Supply and demand conditions
D. Can't tell without more information.
5 The form of dumping that represents the greatest potential net welfare loss the for importing nation is.
A. Predatory dumping
B. Sporadic dumping
C. Persistent dumping
D. Year end dumping
6 An economy that has achieved full production has achieved
A. Both allocative and productive efficiency
B. Allocative but not productive efficiency
C. Productive but not allocative efficiency
D. Neither allocative nor productive efficiency
7 Skills that cna be transferred to other employers are called.
A. General skills
B. Specific skills
C. Non pecuniary skills
D. All of the above
8 Saving means
A. Part of income for investment
B. Income for boarding
C. Non consumption of income in the current period
D. None of the above
9 Capitalism refers to
A. the use of markets
B. Government ownership fo capital goods
C. Private ownership of capital goods
D. Private ownership of homes and cars
10 In Balance of payments accounting tourism and travel are classified in the
A. Merchandise trade account
B. Services account
C. Unilateral transfers account
D. Capital account
11 A straight line downward sloping demand curve implies that as price falls the elasticity of demand.
A. Increases
B. Decreases
C. Remain the same
D. None of these
12 With no government and foreign trade sectors savings always equals.
A. Intended investment
B. Realized investment
C. Botha a and b
D. None of these
13 Through the world government tend o auction quota license to their highest bidder.
A. Always
B. Often
C. Seldom
D. Never
14 The agricultural price support program is an example of.
A. A price celling
B. A price floor
C. Equilibrium pricing
D. None of these
15 The productivity curve
A. Is given by the labor productively
B. Shows the change in real GDP per hour of labor as the amount of capital per hour labor changes
C. Shows the change in technology
D. Is given by the equation Y = F ( L,K, T)
16 If the autarky price of S were lower in country A than in country B, then if trade were allowed.
A. A would likely exports s to B
B. A would likely import s from B
C. Neither country would want to trade
D. None of the above
17 International trade is based on the idea that.
A. Exports should exceed imports
B. Imports a should exceed exports
C. Resources are more mobile internationally than are goods
D. Resources are less mobile internationally than are goods.
18 According to the cost based definition of dumping dumping occurs when a firm sets a product abroad at a price that is less than
A. Average total cost
B. Average variable cost
C. Average foxed cost
D. Marginal cost
19 The% change in quantity demanded due to % change in incomes.
A. Price elasticity
B. Prices cross elasticity
C.
Income elasticity
D. All of these
20 Your checking account is
A. An asset for you and a liability for your bank
B. A liability for you and an asset for your bank
C. An asset for both you and your bank
D. A liability for both you and your bank

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