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

00:00
Question # 1

Economics is the study of

Question # 2

The opportunity cost of a student is.

Question # 3

Economic transition involves high inflation because ______ and _____

Question # 4

The long run Philips curve is _________ at the ______

Question # 5

When the S/L exchange rate rises the pounds______ and whent he S/L rate falls the pounds.

Question # 6

Possible causes of involuntary unemployment are

Question # 7

All of the following are types of imperfect competition except

Question # 8

When we refer to the hidden economy we mean unrecorded income owing to.

Question # 9

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

Question # 10

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

Question # 11

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

Question # 12

The main cause of different relative costs between countries are.

Question # 13

If the consumption of a good by one person does not reduce the quantity available by other and nobody cna be easily excluded from consumption, we are referring to a.

Question # 14

In the neoclassical theory of growth a higher saving rate leads to.

Question # 15

The theory that explains business cycles by the dynamic interaction of consumption and investment demand is the.

Question # 16

The single European Act committed_ governments to a ___ in 1992

Question # 17

A competitive firm produces a level of output at which.

Question # 18

International difference in opportunity costs lead to countries acquiring.

Question # 19

If I keep some money available in case I see a bargain this is an example of.

Question # 20

Injection into the circular flow are _________ and _______

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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 The Philips curve shows the trade off between ________ and _____
A. The inflation rate, interest rates
B. The inflation rate, the unemployment rate
C. interest rates, output
D. Output, employment
2 Micro economics is conceded with
A. The economy as a whole
B. The electronics industry
C. The study of individual economic behavior
D. the interactions within the entire economy
3 Economics is the study of
A. Production technology
B. Consumption decisions
C. How society decides what how and for whom to produce
D. The best way to run society
4 Top footballers land to earn more than lecturers because.
A. Footballers give more entertainment
B. Lecturers are lazy
C. The labour markets are imperfect
D. Top footballers are relatively scarce in relation to lecturers
5 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
6 A competitive firms demand curve is.
A. Horizontal
B. Vertical
C. Down ward sloping
D. Fairly elastic
7 International specialization takes place because of.
A. Differences in technology
B. Differences in factor endowments
C. Scale economies
D. All of the above
8 Short run equilibrium output means that aggregate demand _ actual output
A. is less than
B. equals
C. is greater than
D. fluctuates around
9 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
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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