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

Positive cross elasticities suggest that goods are ______ and negative cross elasticities that goods are.

Question # 2

We cannot say whether one allocation of resources is better than another allocation because.

Question # 3

Economics is the study of

Question # 4

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 # 5

By restricting labour supply a trade union can _________ and_______

Question # 6

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

Question # 7

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

Question # 8

In a free market

Question # 9

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

Question # 10

If banks and the private sector decide to hold less cash the money multiplier will be.

Question # 11

An optimal tariff is one which reduces imports to the level at which ___ equals

Question # 12

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

Question # 13

Short run equilibrium output means that aggregate demand _ actual output

Question # 14

An increase in consumer income will increase demand for a __________ for decrease demand for a.

Question # 15

Injection into the circular flow are _________ and _______

Question # 16

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

Question # 17

In the economy when a steel producer sells steel to car producer it is regarded as.

Question # 18

A competitive firms demand curve is.

Question # 19

In the EMU a country's competitiveness can change because of.

Question # 20

The total multiplier for the economy will reflect.

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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 primary function of a bank is to.
A. Control the money supply
B. Provide notes and coins for trade
C. Make a profit
D. Provide a chequeen clearing system.
2 A competitive firm produces a level of output at which.
A. Price is greater than marginal cost
B. Price equals marginal cost
C. Price is less than marginal cost
D. None of the above
3 An increase in consumer income will increase demand for a __________ for decrease demand for a.
A. Substitute good interior good
B. Normal good, interior good
C. Interior good, normal good.
D. Normal good, complementary good.
4 import substitution is the replacement of ________ by domestic production under the protection of.
A. exports, subsidies
B. Exports, patents
C. imports, high tariffs or import quotes
D. Imports, subsidies
5 If the MPC is 0.5 the multiplier is
A. 2
B. 1/2
C. 0.2
D. 20
6 A monopoly may be self perpetuating because profits may be used for
A. research
B. Cost saving
C. Technical advance
D. All of the above
7 Fiscal policy is weak under floating exchange rates as fiscal expansion.
A. Crowds out imports
B. Crowds out public consumption
C. Crowds out exports
D. Reduces the budget deficit
8 For a competitive firm its short run supply curve is ________ and its long run supply curve is.
A. SMC , LMC
B. SMC above SAVC, LMC above LAC
C. SMC below SAVC, LMC above LAC
D. SMC Below SAVC, LMC below LAC
9 A dominant strategy is.
A. A winning strategy
B. A losing strategy
C. A players best strategy when moving fist
D. a player's best strategy whatever the strategies adopted by rivals
10 International specialization takes place because of.
A. Differences in technology
B. Differences in factor endowments
C. Scale economies
D. All of the above

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