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

00:00
Question # 1

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

Question # 2

Taxes create a wedge between the sales price and purchase price that prevents the price system equaling _________ and

Question # 3

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

Question # 4

The allocation of resources is not efficient it

Question # 5

The prisoners Dilemma Game demonstrates that.

Question # 6

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

Question # 7

Aggregate demand without a foreign sector is the sum of.

Question # 8

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

Question # 9

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

Question # 10

Skilled labour is relatively scarce because.

Question # 11

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

Question # 12

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

Question # 13

Comparing a monopoly and a competitive firm the monopolist will.

Question # 14

Marginal revenue is the ________ when output is.

Question # 15

Normative economics form ______ based on.

Question # 16

An allocation is Pareto efficient if no reallocation of resources would make some people_______ whiteout making others

Question # 17

A competitive equilibrium is Pareto efficient because.

Question # 18

The opportunity cost of a good is.

Question # 19

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.

Question # 20

If the government increase spending and raises taxes by just enough to finance the increase it will.

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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 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
2 The cost of using capital services is the
A. wage rate of capital
B. Interest charges
C. Marginal capital cost
D. Rental rate for capital
3 The multiplier is calculated as.
A. 1(1-MPC)
B. 1/MPS
C. 1/MPC
D. a or b
4 If some body is prepared to work at the going wage rate but cannot find work than they are victims of.
A. Voluntary unemployment
B. Classical unemployment
C. Frictional unemployment.
D. All of the above
5 The level of the equilibrium exchange rate offsets international difference in.
A. Comparative advantage
B. Absolute advantage
C. Opportunity cost
D. Relative costs
6 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
7 Real business cycle theorists argue that ___________ can explain short and long term fluctuations in output.
A. Imperfect labour markets
B. Rational expectations
C. Intertemporal decisions of households firms and government.
D. Sun spot cycles
8 Land will be allocated between competing uses so that.
A. Housing gets priority
B. Industry gets priority
C. Faming gets priority
D. The equilibrium rental rate equilibrium total demand with supply
9 When investment is assumed to autonomous the slope of the AD schedule is determined by the.
A. Marginal propensity to invest.
B. disposable income
C. Marginal propensity to consume
D. Average properisity to consume
10 Aggregate demand in an economy trading internationally with a government sector can be written s.
A. AD = C+1
B. AD = C + 1+ G
C. AD = C +1+G+X+Z
D. AD+C+1+G+X-Z

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