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

The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve.

Question # 2

All of the following are benefits of the single market except.

Question # 3

In a fixed exchange rate regime, the central bank will intervene by __ pounds to ______ the exchange rate.

Question # 4

If both Marginal cost and marginal revenue increase, a firm.

Question # 5

Efficiency wages are_______ that raise

Question # 6

Monetarists believe that a reduction in _____ can be achieved by reducing.

Question # 7

Normative economics form ______ based on.

Question # 8

In a free market

Question # 9

The real value can be derived from a nominal value by

Question # 10

The key issues of macroeconomics are

Question # 11

The allocation of resources is not efficient it

Question # 12

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

Question # 13

Adding up the quantities demanded of a good by different people facing the same price gives us the.

Question # 14

In the short run, the supply of capital is _______ and in the long run iwll depend on.

Question # 15

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

Question # 16

Potential output can be increased by _________ or by_________

Question # 17

A good example of a public good is.

Question # 18

Economics is the study of

Question # 19

Human capital can be described as.

Question # 20

A profit maximizing firm will hire labor until _______ equal the

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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 If the consumption of a good by one person does not reduce the quantity available by other and nobody cna be easily excluded from consumption, we are referring to a.
A. Private good
B. Merit good
C. Public good
D. Abundant good
2 If the MPC is 0.5 the multiplier is
A. 2
B. 1/2
C. 0.2
D. 20
3 In Nash equilibrium each player chooses the best strategy.
A. Assuming other players move first.
B. Dominated by the other players
C. Given the strategies of other players
D. That is a credible threat
4 Positive cross elasticities suggest that goods are ______ and negative cross elasticities that goods are.
A. Substitutes, interior
B. Normal, complements
C. Substitutes, complements
D. Normal , interior
5 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
6 Economics assumes that people consume goods and services to achieve.
A. Status
B. Prestige
C. Utility
D. Self esteem
7 The business cycle is not transmitted from one country to another through.
A. Private sector imports and exports
B. Economic policy
C. The duration of compulsory education
D. Labour supply changes
8 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
9 If I keep some money available in case I see a bargain this is an example of.
A. Asset demand for money
B. Transactions demand for money
C. Token demand for money
D. Precautionary demand for money
10 A natural monopoly has a declining ________ over a large range of output.
A. Long run marginal cost
B. Short run marginal cost
C. Long run average cost
D. Long run marginal cost

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