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

One of the transmission mechanism of monetary policy is through consumer house hold wealth.___________ and consumption.

Question # 2

If one country, with floating exchange states, has higher inflation than its competitors, we would expect its exchange rate to.

Question # 3

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

Question # 4

Macro economics is the study of.

Question # 5

The costs of inflation are

Question # 6

If some body is prepared to work at the going wage rate but cannot find work than they are victims of.

Question # 7

In the circular flow we would expect leakages to __________ injections.

Question # 8

Firms are assumed to ____ costs and to _______ profit.

Question # 9

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

Question # 10

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

Question # 11

On a graph a positive linear relation ship.

Question # 12

In the short run the level of floating exchange rates is determined mainly by.

Question # 13

A natural monopoly has a declining ________ over a large range of output.

Question # 14

Top footballers land to earn more than lecturers because.

Question # 15

Economics assumes that people consume goods and services to achieve.

Question # 16

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

Question # 17

If your income doubles and the prices of the goods you buy double, then your demand for these goods will likely

Question # 18

The price elasticity of demand measures

Question # 19

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

Question # 20

The cost of using capital services is the

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Sr.# Question Answer
1 A fixed exchange rate, plus perfect capital mobility _______ the scope for monetary policy.
A. Enhances
B. Undermines
C. Encourages
D. Facilitates
2 Land will be allocated between competing uses so that.
A. Housing gets priority
B. Industry gets priority
C. Faming gets priority
D. The equilibrium rental rate equilibrium total demand with supply
3 Economic transition involves high inflation because ______ and _____
A. High monetary growth, high wages.
B. High budget deficits, devaluation
C. High monetary growth, devaluation
D. Prices surge from an artificially low level to their equilibrium level the inflation tax is required as source of government revenue.
4 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
5 The most important source of wage differentiate are.
A. Reginal variation
B. Unionization
C. Relative danger
D. Skills
6 The multiplier tells us how much __________ chagnes after a shift in.
A. Consumption, income
B. Investment , output
C. Savings, investment
D. output, aggregate demand
7 The imposition of a tariff causes consumption to _______ and imports to.
A. rise , rise
B. fall , rise
C. fall , fall
D. rise , fall
8 Market failure may arise because of.
A. Imperfect competition
B. Taxation
C. Externalities
D. All of the above
9 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
10 Higher export demand _______ output and a higher MPZ______ output..
A. Reduces, reduces
B. Reduces, increases
C. Increases, reduces
D. increases, increases
11 At the intersection of AD and AS equilibrium is achieved in.
A. The goods market
B. The money market
C. The labour market
D. All of the above
12 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
13 The opportunity cost of acquiring education is.
A. Course fees
B. Course fees and living expenses
C. The earning foregone
D. Course fees, living expenses and textbooks
14 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
15 Potential output can be increased by _________ or by_________
A. Increasing the use of labour, increasing the use of land
B. Increasing the use of capital, increasing the use of labour
C. Increasing the use of land, increasing the use of capital
D. Increasing the use of all inputs technical advances
16 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
17 If a long average cost rises, output rises from left to right this is an example of.
A. Increasing returns to scale
B. Decreasing returns to scale.
C. Constant returns to scale
D. the minimum efficient scale
18 GDP per head may be an imperfect measure of economic welfare because it excludes.
A. The value of leisure
B. Externalities
C. Untraded goods
D. All of the above
19 In the UK mergers can be referred to the competition commission of they create a firm with _______ of the market.
A. 15%
B. 20%
C. 25%
D. 30%
20 When we know the quantity of a product that buyers wish to purchases at each possible price we know.
A. Demand
B. Supply
C. excess demand
D. Excess supply

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