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

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

Question # 2

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

Question # 3

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

Question # 4

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

Question # 5

The quantity theory of money says that changes in ______ lead to equivalent changes in ______ but have no effect on.

Question # 6

Macro economics is the study of.

Question # 7

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

Question # 8

Real GNP is a crude measure of national welfare because it excludes.

Question # 9

A market can accuretaly be described as

Question # 10

Market failure may arise because of.

Question # 11

Market some times fall to exist because of.

Question # 12

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

Question # 13

The multiplier accelerator model assumes _______ depends on.

Question # 14

A fall in investment demand can result from

Question # 15

A competitive firm produces a level of output at which.

Question # 16

The key issues of macroeconomics are

Question # 17

International specialization takes place because of.

Question # 18

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

Question # 19

The single European Act committed_ governments to a ___ in 1992

Question # 20

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

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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 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
2 The extra utility from consuming one more unit of a good is called.
A. Marginal utility
B. Additional utility
C. surplus utility
D. Bonus utility
3 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
4 Except for taxes to offset ___ taxes are.
A. Imperfect competition , popular
B. Extremality's, distortionary
C. Inequality, a first best option
D. Poor health, unnecessary
5 The main cause of different relative costs between countries are.
A. Relative factors competition
B. Relative factor mobility
C. Relative factor substitution
D. Relative factor endowments
6 When we refer to the hidden economy we mean unrecorded income owing to.
A. Tax evasion
B. Poor statistics
C. The lags between statistical collection and publication .
D. Smuggling
7 The opportunity cost of acquiring education is.
A. Course fees
B. Course fees and living expenses
C. The earning foregone
D. Course fees, living expenses and textbooks
8 In linear consumption function with a positive slope less that on means that if income increase, consumption will.
A. Fall
B. Not change
C. Fluctuate
D. Increase
9 Market some times fall to exist because of.
A. Externalities
B. the free rider problem
C. Poor transport
D. a an b
10 Perfect price discrimination means that every customer.
A. Buys the same amount
B. Pays the same price
C. Pays what she thinks the product is worth
D. Contributes the same revenue.

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