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PPSC Economics Chapter 10 Most Frequently Asked Economics MCQS
| Sr. # | Questions | Answers Choice |
|---|---|---|
| 1 | In a market system, sellers act in ___________ interest, but thsi leads to behaviors in __________ interest. | Self, self Self, society's Society's' , society's society's, self |
| 2 | In a pure market economy which of the following is a function of the price. i - provide information to sellers and buyers ii- Provide incentives to sellers and buyers |
I only ii Only both i and ii Neither i nor ii |
| 3 | The goal of a pure market economy is to best meet the desires of | Consumers Companies Workers The government |
| 4 | If there is a prices celling, which of the following is NOT likely to occur. | Rationing by first come first served Black markets Gray markets Sellers providing goods for free that were formerly not free |
| 5 | If there is a price celling, there will be. | Shortages surpluses Equilibrium None of these |
| 6 | If there is a price floor there will be | Shortages Surpluses Equilibrium None of these |
| 7 | The agricultural price support program is an example of. | A price celling A price floor Equilibrium pricing None of these |
| 8 | Direct investment and security purchase are classified as. | Capital account transactions Current account transactions Unilateral transfer transactions Merchandise trade transactions |
| 9 | The law of demand states that | As the quantity demanded rises, the price rises As the price rustiest he quantity demined rises As the price rises, the quantity demanded falls As supply rise, the demand rises |
| 10 | The bowed shape of the production possibilities curve illustrates | The law of increasing marginal cost the production is inefficient the production in unattainable The demand is relatively inelastic |
| 11 | Capitalism refers to | the use of markets Government ownership fo capital goods Private ownership of capital goods Private ownership of homes and cars |
| 12 | The fundamental economics problem faced by all societies is | Un employment In equality Poverty Scarcity |
| 13 | The impact and incidence of sales tax is | On the consumer On the seller On the producer None of these |
| 14 | Which of the following is likely ot be longer for monetary policy that for fiscal policy. | The implementation lag The recognition log Both a and b None of these |
| 15 | With no government and foreign trade sectors savings always equals. | Intended investment Realized investment Botha a and b None of these |
| 16 | When unintended investment is positive | Output tends to rise Output tends to fall Output is in equilibrium None of these |
| 17 | Which of the following is a stock variable. | Gross private domestic investment Personal savings Both a and b None of these |
| 18 | Personal inocme is obtained by adding which items to national income | Govt. transfer payments Business transfer payments Both a and b None of these |
| 19 | In pure competition. | Strong rivaled exist Cartels are formed Both a and b None of thes |
| 20 | MRSxy being 6 means | Consumer is willing to give up 6 units of x for one of y Preference for y is 6 times that of x Both of the above None of these |
