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

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

Question # 2

The retail price index is used to.

Question # 3

Aggregate demand without a foreign sector is the sum of.

Question # 4

An upward shift in marginal cost ___________ output and an upward shift in _____ marginal revenue __ output.

Question # 5

The equilibrium price clears the market it is the price at which.

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

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

Question # 8

The effect of a tax to offset a negative eternality will be to ________ price and ____ quantity.

Question # 9

For given government spending and taxation the government budget deficit will grow in __________ and decline in _________

Question # 10

Macro economics is the study of.

Question # 11

Firms are assumed to ____ costs and to _______ profit.

Question # 12

The long run Philips curve is _________ at the ______

Question # 13

A current account deficit means that a country may.

Question # 14

In the absence of international capital controls, central banks set ______ to provide the correct incentive for speculators

Question # 15

The opportunity cost of acquiring education is.

Question # 16

Extremality's arise because there is a divergence between ____ and _

Question # 17

M4 is a _________ measures of money and includes deposits at both _____________ and

Question # 18

The Keynesian model is a good guide to ______ behavior and the classical model describes behavior in.

Question # 19

In a fixed exchange rate regime, the central bank will intervene by __ pounds to ______ the exchange rate.

Question # 20

A fall in investment demand can result from

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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 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
2 A firm that breaks even after all economic costs are paid is earning.
A. Economic profit
B. Accounting profit
C. Normal profit
D. Supernormal profit
3 If my neighbor burns garden waste causing my house to fil with smoke this is an example of.
A. A production extremality
B. A second best solution
C. Transaction costs
D. A consumption externality
4 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
5 The short run Philips curve can shift in response to changes in
A. inflationary expectations
B. Unemployment
C. The inflation rate
D. Wage rates
6 Real GNP measures income
A. Including non market activities
B. Adjusted for inflation
C. Including externalities
D. Including tax evasion
7 A person who is made redundant because of the contraction of an industry is a victim of.
A. Frictional unemployment
B. Demand deficient unemployment
C. Classical unemployment
D. Structural unemployment
8 Adding up the quantities demanded of a good by different people facing the same price gives us the.
A. Supply curve
B. Market demand curve
C. Demand curve
D. Market supply curve
9 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
10 In an economy, measuring total value (1) added, total value(2) spending on final goods and 3 total factor earning gives the result that.
A. 3>2>1
B. 3 +2>1
C. 3<2<1
D. Any measure can be larger or smaller than any other

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