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

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

Question # 2

If my neighbor burns garden waste causing my house to fil with smoke this is an example of.

Question # 3

The quantity theory of money says that changes in ______ lead to equivalent changes in ______ but have no effect on.

Question # 4

If a person thinks they are better off after a 10% wage increase, and all prices have risen 10%, then they are experiencing.

Question # 5

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

Question # 6

Real business cycle theorists argue that ___________ can explain short and long term fluctuations in output.

Question # 7

Human capital can be described as.

Question # 8

If banks and the private sector decide to hold less cash the money multiplier will be.

Question # 9

Aggregate demand in an economy trading internationally with a government sector can be written s.

Question # 10

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

Question # 11

Under floating exchange rates, expectations of higher interest rates are likely to cause an __________ of the exchange rate.

Question # 12

Except for taxes to offset ___ taxes are.

Question # 13

The prisoners Dilemma Game demonstrates that.

Question # 14

Adding up the quantities demanded of a good by different people facing the same price gives us the.

Question # 15

If your income during one year is L 10,000 ad the following year it is L,12,000 then it has grown by

Question # 16

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

Question # 17

In the UK in recent years, union membership has ______ and days of work lost because of strikes has.

Question # 18

With fixed exchange rates and no private currency flow, when the central bank buys domestic currency the domestic money supply is.

Question # 19

A competitive equilibrium is Pareto efficient because.

Question # 20

At the intersection of AD and AS equilibrium is achieved in.

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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 LDC's often have a comparative advantage in the production of.
A. Primary products
B. Intermediate products
C. Manufactured products
D. Financial services.
2 Skilled labour is relatively scarce because.
A. There are too few teachers
B. Too few student places in higher education
C. It is costly to acquire human capital
D. Teachers salaries are too low
3 With fixed exchange rates and no private currency flow, when the central bank buys domestic currency the domestic money supply is.
A. Increased
B. Unaffected
C. Reduced
D. All of the above
4 import substitution is the replacement of ________ by domestic production under the protection of.
A. exports, subsidies
B. Exports, patents
C. imports, high tariffs or import quotes
D. Imports, subsidies
5 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
6 Short run equilibrium output means that aggregate demand _ actual output
A. is less than
B. equals
C. is greater than
D. fluctuates around
7 The equilibrium inflation rate is determine by the intersection of __________ and ___
A. demand, supply
B. IS , LM
C. AD, AS
D. Labour demand, labour supply
8 A current account deficit means that a country may.
A. Reduce its stock of foreign assets
B. Increases its stock of foreign assets
C. Increases its savings
D. Increases its foreign currency reserves.
9 In the UK in recent years, union membership has ______ and days of work lost because of strikes has.
A. Grown, declined
B. declined, declined
C. declined, grown
D. grown , grown
10 All of the following are types of imperfect competition except
A. Monopolistic competition
B. Oligopoly
C. Monopoly
D. Unfair competition

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