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

the Maastricht criteria for entry to the EMU are that applicants should have

Question # 2

The allocation of resources is not efficient it

Question # 3

The cost of using capital services is the

Question # 4

The short run Philips curve can shift in response to changes in

Question # 5

If as result of householder wish to save more there is a change in equilibrium income and no change in equilibrium saving this as an example of.

Question # 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.

Question # 7

A person who is made redundant because of the contraction of an industry is a victim of.

Question # 8

When a market is contestable , incumbent firms must.________ to avoid the entry of new competitors.

Question # 9

Short run equilibrium output means that aggregate demand _ actual output

Question # 10

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

Question # 11

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

Question # 12

If goods are exported for less than society's marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from.

Question # 13

During periods of rising inflation and rising interest rates we expect the demand for real cash to.

Question # 14

The opportunity cost of a student is.

Question # 15

Moral Hazard means that the act of insuring __________ that the desired outcome will occur.

Question # 16

When capital mobility is perfect, interest rate differentials will tend to be offset by

Question # 17

If two firms doing the same thing in the same industry join together this is known as a.

Question # 18

A monopoly may be self perpetuating because profits may be used for

Question # 19

Taxes create a wedge between the sales price and purchase price that prevents the price system equaling _________ and

Question # 20

When we refer to the hidden economy we mean unrecorded income owing to.

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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 The AD schedule indicates that______ inflation is associated with______ output.
A. higher , lower
B. Higher , higher
C. Lower , lower
D. zero ,zero
2 In the UK under a _________ of the labour force belong to a trade union.
A. Quarter
B. Third
C. Half
D. Three quarters
3 A competitive equilibrium is Pareto efficient because.
A. Producers are price takers
B. Consumers and producer's face the same prices
C. Marginal costs and benefits are equal
D. All of the above
4 If a country has a burden of debt it cannot sustain it can.
A. Reschedule debt
B. Get a loan from an international organization
C. Default on the loan
D. Any of the above
5 If a person thinks they are better off after a 10% wage increase, and all prices have risen 10%, then they are experiencing.
A. Inflation
B. A supply shocks
C. Crowding out
D. Inflation illusion
6 The opportunity cost of a good is.
A. The time lost in finding it
B. The quantity of other goods sacrificed to get another unit of that good
C. The expenditure on the good
D. The loss of interest in using savings
7 We would normally expect the size of the labour force to be ____ than the number of workers willing to accept job offers at any real wage rate.
A. Smaller
B. Larger
C. the same size
D. None of these
8 The neoclassical theory of growth identities the steady state rate of growth as the _________ just sufficient to keep _______ constant while labour grows.
A. Saving investment
B. Capital per person productivity
C. Labour growth , output
D. Investment capital per person
9 The Keynesian model is a good guide to ______ behavior and the classical model describes behavior in.
A. Long run, short run
B. Flexible, imperfect markets
C.
Short term , long run
D. Ong run, imperfect market.
10 If goods are exported for less than society's marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from.
A. An import subsidy
B. A quota
C. Comparative advantage
D. An export subsidy

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