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 long run Philips curve is _________ at the ______

Question # 2

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

Question # 3

Nominal GNP measures income

Question # 4

The increase in total cost when one more units is produced is known as.

Question # 5

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

Question # 6

The level of the equilibrium exchange rate offsets international difference in.

Question # 7

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

Question # 8

By restricting labour supply a trade union can _________ and_______

Question # 9

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.

Question # 10

The real value can be derived from a nominal value by

Question # 11

Output fell sharply in the transition economies because.

Question # 12

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

Question # 13

For perfect competition ot work there must be

Question # 14

Top footballers land to earn more than lecturers because.

Question # 15

Expansionary fiscal policy in the classical model will cause aggregate demand to ______ potential output.

Question # 16

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

Question # 17

When we know the quantity of a product that buyers wish to purchases at each possible price we know.

Question # 18

GDP per head may be an imperfect measure of economic welfare because it excludes.

Question # 19

The abolition of income tax would probably ________ the number of workers in employment and____________ the equilibrium. rate of unemployment.

Question # 20

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

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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 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
2 Real business cycle are cycles in
A. Potential output
B. Actual output
C. Real output
D. International trade
3 A rise in the real exchange rate will __ the competitiveness of the domestic economy.
A. Increase
B. reduce
C. do nothing do
D. all of these
4 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
5 The level of the equilibrium exchange rate offsets international difference in.
A. Comparative advantage
B. Absolute advantage
C. Opportunity cost
D. Relative costs
6 The opportunity cost of a student is.
A. Course fees and rent
B. A loan from the bank
C. What the student could have earned in the best job available by not studying.
D. What the student will earn after graduation.
7 A market can accuretaly be described as
A. A place to buy things
B. a place to sell things
C. The process by which prices adjust to reconcile the allocation of resources
D. a place where buyers and sellers meet.
8 The business cycle is not transmitted from one country to another through.
A. Private sector imports and exports
B. Economic policy
C. The duration of compulsory education
D. Labour supply changes
9 The key issues of macroeconomics are
A. Unemployment
B. Inflation
C. Economic growth
D. All of the above
10 Short run equilibrium output means that aggregate demand _ actual output
A. is less than
B. equals
C. is greater than
D. fluctuates around

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