PPSC Economics Topic 11 MCQS Test Preparation

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

Try The 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

All of the following are benefits of the single market except.

Question # 2

In the economy when a steel producer sells steel to car producer it is regarded as.

Question # 3

The prisoners Dilemma Game demonstrates that.

Question # 4

If both Marginal cost and marginal revenue increase, a firm.

Question # 5

A firm that breaks even after all economic costs are paid is earning.

Question # 6

Top footballers land to earn more than lecturers because.

Question # 7

A tariff causes domestic firms to __________ and consumers to

Question # 8

Positive cross elasticities suggest that goods are ______ and negative cross elasticities that goods are.

Question # 9

LDC's often have a comparative advantage in the production of.

Question # 10

A straight line diagram can be drawn knowing the _______ and _____

Question # 11

Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreasing marginal product of the factor this is an example of.

Question # 12

The most important source of wage differentiate are.

Question # 13

In the neoclassical theory of growth a higher saving rate leads to.

Question # 14

The equilibrium inflation rate is determine by the intersection of __________ and ___

Question # 15

The cost of using capital services is the

Question # 16

If the government increase spending and raises taxes by just enough to finance the increase it will.

Question # 17

All of the following are types of imperfect competition except

Question # 18

An increase in consumer income will increase demand for a __________ for decrease demand for a.

Question # 19

If the diagram of a line shows that lower values on the vertical scale are associated with higher values on the horizontal scale this is an example of.

Question # 20

The neoclassical theory of growth identities the steady state rate of growth as the _________ just sufficient to keep _______ constant while labour grows.

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Economics
11th Chapter

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Sr.# Question Answer
1 In the circular flow we would expect leakages to __________ injections.
A. equal
B. be less than
C. by greater than
D. Be less or greater than
2 One of the transmission mechanism of monetary policy is through consumer house hold wealth.___________ and consumption.
A. rise, increases, increases
B. rise, falls, increases
C. rise, increases, falls
D. rise, falls, falls
3 On a graph a positive linear relation ship.
A. Moves down to the right
B. Moves up to the left
C. Moves up to the right
D. Modes down to the left
4 If your income doubles and the prices of the goods you buy double, then your demand for these goods will likely
A. Increase
B. Not change
C. Decrease
D. Shift
5 An advocate of the classical model of the economy would claim that unemployment a created when the ___________ is above its equilibrium level in the.
A. Price level, agregate economy
B. Tax rate, government ebudget
C. Wage rate, labour market
D. Interest rate, market for loanable funds
6 Holding all factors constant except one and increasing a variable factor is expected to lead to steadily decreasing marginal product of the factor this is an example of.
A. Decreasing returns to scale
B. The law of diminishing returns
C. Constant returns to scale
D. an inefficient production technique
7 An allocation is Pareto efficient if no reallocation of resources would make some people_______ whiteout making others
A. Worse off, worse off
B. better off, better off
C. better off, worse off
D. equal , unequal
8 In the absence of international capital controls, central banks set ______ to provide the correct incentive for speculators
A. Money supply targets
B. Income policy
C. Interest rates
D. Inflation targets
9 The multiplier tells us how much __________ chagnes after a shift in.
A. Consumption, income
B. Investment , output
C. Savings, investment
D. output, aggregate demand
10 The level of the equilibrium exchange rate offsets international difference in.
A. Comparative advantage
B. Absolute advantage
C. Opportunity cost
D. Relative costs
11 Taxes create a wedge between the sales price and purchase price that prevents the price system equaling _________ and
A. Marginal costs, marginal benefits
B. Demand, supply
C. Marginal cost, marginal revenue
D. Marginal cost, average cost
12 In the short run the level of floating exchange rates is determined mainly by.
A. Interest rates
B. Competitiveness
C. Trade
D. Speculation
13 Economics assumes that people consume goods and services to achieve.
A. Status
B. Prestige
C. Utility
D. Self esteem
14 Nominal GNP measures income
A. At the present time
B. Corrected for tax changes
C. Corrected for changes in interest rates
D. At current prices
15 A profit maximizing firm will hire labor until _______ equal the
A. Marginal revenue, marginal cost
B. Long run marginal revenue, long run marginal cost
C. Labour output ratio, capital output ratio
D. Marginal cost of labour, marginal revenue product
16 An optimal tariff is one which reduces imports to the level at which ___ equals
A. imports , exports
B. The balance of trade, zero
C. The demand for currency, the supply of currency
D. Social marginal cost social marginal benefit
17 Micro economics is conceded with
A. The economy as a whole
B. The electronics industry
C. The study of individual economic behavior
D. the interactions within the entire economy
18 If banks and the private sector decide to hold less cash the money multiplier will be.
A. Unchanged
B. Larger
C. Smaller
D. unstable
19 The prisoners Dilemma Game demonstrates that.
A. Players are better off to act independently
B. Monopoly is better than competition
C. People will always cheat
D. Players are better off if they con operate
20 Positive cross elasticities suggest that goods are ______ and negative cross elasticities that goods are.
A. Substitutes, interior
B. Normal, complements
C. Substitutes, complements
D. Normal , interior

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