PPSC Economics Topic 11 MCQS Test Preparation

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MCQ's Test For PPSC Economics Topic 11 Assess Your Basics

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PPSC Economics Topic 11 Assess Your Basics

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Question # 1

If a long average cost rises, output rises from left to right this is an example of.

Question # 2

A supply curve is directly affected by

Question # 3

A rise in the real exchange rate will __ the competitiveness of the domestic economy.

Question # 4

The abolition of income tax would probably ________ the number of workers in employment and____________ the equilibrium. rate of unemployment.

Question # 5

Within circular flow of income, an increase in domestic income iwll lend to increase.

Question # 6

Real business cycle are cycles in

Question # 7

a demand curve can shift because of changing.

Question # 8

The business cycle is not transmitted from one country to another through.

Question # 9

Real GNP is a crude measure of national welfare because it excludes.

Question # 10

An allocation is Pareto efficient if no reallocation of resources would make some people_______ whiteout making others

Question # 11

Except for taxes to offset ___ taxes are.

Question # 12

Starting from a position of internal and external balance a reduction in aggregate demand will cause a current account.

Question # 13

The firms long run output decision will be where.

Question # 14

All of the following are type of monetary policy except

Question # 15

Monetarists believe that a reduction in _____ can be achieved by reducing.

Question # 16

Skilled labour is relatively scarce because.

Question # 17

Short run average total costs are equal to the sum of _______ and______

Question # 18

Macro economics is the study of.

Question # 19

Comparing a monopoly and a competitive firm the monopolist will.

Question # 20

In the UK under a _________ of the labour force belong to a trade union.

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Economics
11th Chapter

PPSC Economics Chapter 11 Test

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PPSC Economics Chapter 11 Important MCQ's

Sr.# Question Answer
1 Real business cycle theory suggests that __________ not important in explaining short term fluctuations around actual output.
A. aggregate supply is
B. aggregate demand is
C. Potential output is
D. Real variables are
2 If a price increase of good A increases the quantity demanded of good B, then good B is a.
A. substitute good
B. Complementary good
C. Bargain
D. Interior good
3 A production technique is technically efficient if.
A. Output is maximized
B. Input are minimized
C. there is no way to make a given output using less of one input and no more of the other inputs.
D. costs are minimized
4 If some body is prepared to work at the going wage rate but cannot find work than they are victims of.
A. Voluntary unemployment
B. Classical unemployment
C. Frictional unemployment.
D. All of the above
5 Adding up the quantities demanded of a good by different people facing the same price gives us the.
A. Supply curve
B. Market demand curve
C. Demand curve
D. Market supply curve
6 Top footballers land to earn more than lecturers because.
A. Footballers give more entertainment
B. Lecturers are lazy
C. The labour markets are imperfect
D. Top footballers are relatively scarce in relation to lecturers
7 In linear consumption function with a positive slope less that on means that if income increase, consumption will.
A. Fall
B. Not change
C. Fluctuate
D. Increase
8 Moral Hazard means that the act of insuring __________ that the desired outcome will occur.
A. Reduces the likelihood
B. Increase the likelihood
C. Guarantees
D. None of the above
9 In the classical model, potential output can not be increased by
A. Monetary growth
B. Better technology
C. More capital
D. higher labour supply
10 The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve.
A. At their lowest points
B. When they are declining
C. When they are increasing.
D. When marginal revenue is zero

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