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

The opportunity cost of a student is.

Question # 2

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

Question # 3

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

Question # 4

Short run equilibrium output means that aggregate demand _ actual output

Question # 5

The Philips curve shows the trade off between ________ and _____

Question # 6

Skilled labour is relatively scarce because.

Question # 7

If the central bank buys financial securities in the open market to increase the monetary base, this is an example of.

Question # 8

An optimal tariff is one which reduces imports to the level at which ___ equals

Question # 9

The AD schedule indicates that______ inflation is associated with______ output.

Question # 10

Real business cycle are cycles in

Question # 11

In the event of an increase in the international price of oil that encouraged the central bank to accept lower real interest rates, inflation would most likely.

Question # 12

For a competitive firm its short run supply curve is ________ and its long run supply curve is.

Question # 13

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

Question # 14

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

Question # 15

Firms are assumed to ____ costs and to _______ profit.

Question # 16

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

Question # 17

Women and non whiles on average receive lower comes than white men because.

Question # 18

In the ERM, each country fixed ___ against each other ERM participant collectively the group._____ against the rest of the world.

Question # 19

If desired spending in the economy exceeds income we would expect.

Question # 20

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

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Economics
11th Chapter

PPSC Economics Chapter 11 Test

Here you can prepare PPSC Economics Chapter 11 (Assess Your Basics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 11 Important MCQ's

Sr.# Question Answer
1 The abolition of income tax would probably ________ the number of workers in employment and____________ the equilibrium. rate of unemployment.
A. increase ; decrease
B. increase ; increase
C. reduce ; increase
D. reduce ; reduce
2 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
3 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.
A. Market imperfection
B. The law of diminishing returns
C. The paradox of thriff
D. Market failure
4 The long run Philips curve is _________ at the ______
A. Horizontal natural rate of inflation
B. Horizontal , natural rate of unemployment
C. Vertical , natural rte of inflation
D. Vertical , equilibrium rate of unemployment.
5 Under floating exchange rates, expectations of higher interest rates are likely to cause an __________ of the exchange rate.
A. Depreciation
B. Appreciation
C. fall
D. Devaluation
6 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
7 If the MPC is 0.5 the multiplier is
A. 2
B. 1/2
C. 0.2
D. 20
8 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
9 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
10 The price elasticity of demand measures
A. The responsiveness of quantity demanded to a change in prie.
B. How far a demand curve shifts
C. A change in price
D. A change in quantity demanded

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