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

Economics assumes that people consume goods and services to achieve.

Question # 2

The opportunity cost of a good is.

Question # 3

In the circular flow we would expect leakages to __________ injections.

Question # 4

LDC's often have a comparative advantage in the production of.

Question # 5

A competitive equilibrium is Pareto efficient because.

Question # 6

Injection into the circular flow are _________ and _______

Question # 7

During periods of rising inflation and rising interest rates we expect the demand for real cash to.

Question # 8

Market failure may arise because of.

Question # 9

Marginal revenue is the ________ when output is.

Question # 10

At the intersection of AD and AS equilibrium is achieved in.

Question # 11

When real income increases, other things equal we fan expect the demand for real money holdings to.

Question # 12

M4 is a _________ measures of money and includes deposits at both _____________ and

Question # 13

The multiplier is calculated as.

Question # 14

The firms long run output decision will be where.

Question # 15

The total multiplier for the economy will reflect.

Question # 16

In the UK under a _________ of the labour force belong to a trade union.

Question # 17

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

Question # 18

A competitive firms demand curve is.

Question # 19

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

Question # 20

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

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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 When the level of income _______ there will be atendency for the trade balance to improve as imports.
A. Increases, increase
B. falls, fall
C. Increase, fall
D. fall , increase
2 The short run Philips curve can shift in response to changes in
A. inflationary expectations
B. Unemployment
C. The inflation rate
D. Wage rates
3 For perfect competition ot work there must be
A. Many buyers and sellers
B. A standard product
C. Free entry and exit
D. All of the above
4 If British Residents want more French francs to purchases more fresh wine, other things equal than the equilibrium value of the pound against the French farce will.
A. Rise
B. fall
C. not changes
D. fluctuate
5 Nominal GNP measures income
A. At the present time
B. Corrected for tax changes
C. Corrected for changes in interest rates
D. At current prices
6 Polices to reduce unemployment by reducing union power tax cut reduction is unemployment benefit and investment. subsidies are examples of.
A. Keynesian polices
B. Supply side policies
C. Monetarist policies
D. Classical policies
7 The multiplier is calculated as.
A. 1(1-MPC)
B. 1/MPS
C. 1/MPC
D. a or b
8 When capital mobility is perfect, interest rate differentials will tend to be offset by
A. Price differences.
B. Balance of payments differences.
C. Current account differences.
D. Expected exchange rate changes
9 All of the following are benefits of the single market except.
A. It allows countries to exploit their comparative advantage, more fully
B. Firms could more readily exploit economies of scale
C. It intensified competition
D. It is easier book holidays in member countries.
10 Starting from a position of internal and external balance a reduction in aggregate demand will cause a current account.
A. Deficit
B. Surplus
C. Revaluation
D. Devaluation

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