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 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 # 2

If both Marginal cost and marginal revenue increase, a firm.

Question # 3

A supply curve is directly affected by

Question # 4

Real GNP measures income

Question # 5

Normative economics form ______ based on.

Question # 6

The costs of inflation are

Question # 7

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 # 8

In a competitive industry each buyer and seller.

Question # 9

Possible causes of involuntary unemployment are

Question # 10

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

Question # 11

In the short run, the supply of capital is _______ and in the long run iwll depend on.

Question # 12

The price elasticity of demand measures

Question # 13

The business cycle is not transmitted from one country to another through.

Question # 14

The Philips curve shows the trade off between ________ and _____

Question # 15

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

Question # 16

The real value can be derived from a nominal value by

Question # 17

Short run average total costs are equal to the sum of _______ and______

Question # 18

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

Question # 19

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

Question # 20

A profit maximizing firm will hire labor until _______ equal the

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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 All of the following are type of monetary policy except
A. A nominal money stock target
B. A balances budget
C. An inflation target
D. The pursuit of a target real interest rate
2 Short run average total costs are equal to the sum of _______ and______
A. Short run opportunity costs, profit
B. Short run average variable costs, profit
C. short run average variable costs, profit.
D. Short run average variable costs short run average fixed costs
3 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
4 The allocation of resources is not efficient it
A. The marginal cost of production does not equal society marginal benefit
B. The distribution is inequitable
C. Economic growth is low
D. Unemployment is high
5 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
6 If goods are exported for less than society's marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from.
A. An import subsidy
B. A quota
C. Comparative advantage
D. An export subsidy
7 In a competitive industry each buyer and seller.
A. Is a price taker
B. Produce different products
C. Believes that can influence price
D. Prevents the entry of competitors
8 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.
A. Fall
B. Increases
C. Remain the same
D. Fluctuate
9 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.
A. Private good
B. Merit good
C. Public good
D. Abundant good
10 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.

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