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 income tax rate changes from 30% to 40% on incomes over L 30,000 and a person's income is l 31,000 then her marginal tax rate is.

Question # 2

A profit maximizing firm will hire labor until _______ equal the

Question # 3

A fall in investment demand can result from

Question # 4

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

Question # 5

The equilibrium price clears the market it is the price at which.

Question # 6

All of the following are type of monetary policy except

Question # 7

In a free market

Question # 8

For given government spending and taxation the government budget deficit will grow in __________ and decline in _________

Question # 9

The level of the equilibrium exchange rate offsets international difference in.

Question # 10

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

Question # 11

import substitution is the replacement of ________ by domestic production under the protection of.

Question # 12

Nominal GNP measures income

Question # 13

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

Question # 14

The firms long run output decision will be where.

Question # 15

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

Question # 16

The Keynesian model is a good guide to ______ behavior and the classical model describes behavior in.

Question # 17

The increase in total cost when one more units is produced is known as.

Question # 18

The multiplier is calculated as.

Question # 19

Micro economics is conceded with

Question # 20

The prisoners Dilemma Game demonstrates that.

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Economics
11th Chapter

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Sr.# Question Answer
1 The short run Philips curve can shift in response to changes in
A. inflationary expectations
B. Unemployment
C. The inflation rate
D. Wage rates
2 M4 is a _________ measures of money and includes deposits at both _____________ and
A. Narrow, banks, building societies
B. Wide, banks, insurance companies
C. narrow, banks, insurance companies
D. Wide, banks, building societies.
3 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
4 The opportunity cost of a good is.
A. The time lost in finding it
B. The quantity of other goods sacrificed to get another unit of that good
C. The expenditure on the good
D. The loss of interest in using savings
5 At the intersection of AD and AS equilibrium is achieved in.
A. The goods market
B. The money market
C. The labour market
D. All of the above
6 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
7 We cannot say whether one allocation of resources is better than another allocation because.
A. some people cant count
B. Some people may not be permanent residents
C. Not all economic activity is legal
D. We cant make value judgements to compare different people welfare.
8 Marginal revenue is the ________ when output is.
A. Change in average revenue, inversed.
B. change in total revenue, increased by one unit
C. change in average revenue, increased by one unit
D. Change in total revenue, incresed.
9 In the classical model, potential output can not be increased by
A. Monetary growth
B. Better technology
C. More capital
D. higher labour supply
10 A competitive firms demand curve is.
A. Horizontal
B. Vertical
C. Down ward sloping
D. Fairly elastic
11 The multiplier is calculated as.
A. 1(1-MPC)
B. 1/MPS
C. 1/MPC
D. a or b
12 A tariff causes domestic firms to __________ and consumers to
A. Overproduced, under consume
B. overproduce , overconsume
C. Underproduce, under consume
D. underproduce, overconsume
13 The key issues of macroeconomics are
A. Unemployment
B. Inflation
C. Economic growth
D. All of the above
14 When the S/L exchange rate rises the pounds______ and whent he S/L rate falls the pounds.
A. depreciates, appreciates
B. revalues, devalues
C. appreciates, deprecates
D. becomes more expensive, becomes cheaper
15 Normative economics form ______ based on.
A. Positive statements facts
B. Opinions, personal values
C. Positive statements values
D. Opinions facts
16 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
17 If a firm not operating at the output necessary to achieve al scale economies it has not achieved its.
A. Efficient scale
B. Average efficient scale
C. Maximum efficient scale
D. Minimum efficient scale
18 The single European Act committed_ governments to a ___ in 1992
A. European union, single market
B. Western European, single currency area
C. European union, single currency area
D. Western European, single market
19 The level of the equilibrium exchange rate offsets international difference in.
A. Comparative advantage
B. Absolute advantage
C. Opportunity cost
D. Relative costs
20 All of the following represent obstacles to LDC development except.
A. Resource scarcity
B. Low level of investment
C. Low population
D. Poor infrastructure

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