PPSC Economics Topic 6 MCQS Test Preparation

Are you thinking to apply and appear for the PPSC test with the economics subject and are confused that how to get prepared? Well, you are welcomed here at Ilmkidunya where you can get a better solution for PPSC economics subject preparation. Candidates are provided the online PPSC tests. The tests are in the same way as are designed for PPSC final exam. You can find Topic-wise tests and also a full book test. For all the Topic, separate tests are designed. This page directs candidates towards the Topic 6th test. 

MCQ's Test For PPSC Economics Topic 6 Economics Model

Try The MCQ's Test For PPSC Economics Topic 6 Economics Model

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PPSC Economics Topic 6 Economics Model

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Question # 1

A vertical demand curve for a particular good implies that consumers are.

Question # 2

If price is initially above the equilibrium level.

Question # 3

A specific tax on sellers will

Question # 4

If the price of automobiles were to decrease substantially the demand curve for public transpiration would most likely.

Question # 5

The percentage change in the quantity demanded in response to a percentage change in the price is known as the.

Question # 6

If the price of automobiles were to increase substantially the demand curve for gasoline would most likely

Question # 7

Equilibrium is defined as a situation in which.

Question # 8

If government regulations prohibit the production of a particular good the demand curve for that good will most likely.

Question # 9

If a government imposed price celling causes the observed price in a market to be below the equilibrium price.

Question # 10

A Horizontal demand curve for a good could arise because consumers.

Question # 11

A vertical demand curve results in.

Question # 12

A competitive equilibrium is described by

Question # 13

Economists tend to judge a model based upon

Question # 14

Consumers and firms are known as price takers only it

Question # 15

When two goods are substitutes a shock that raises the price of one good causes the price of the other goods to.

Question # 16

If the demand curve for a good is horizontal and the price is positive then a leftward shift of the supply curve results in.

Question # 17

The purpose of making assumptions in economic model building is to.

Question # 18

If the price of orange juice rises 10% and as a result the quantity demanded falls by 8% the price elastic of demand for orange juice is.

Question # 19

The expression increase in quantity supplied is illustrated graphically as a.

Question # 20

To determine the total demand for all consumers sum the quantity each consumer demands.

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PPSC Economics Chapter 6 Important MCQ's

Sr.# Question Answer
1 The percentage change in the quantity demanded in response to a percentage change in the price is known as the.
A. slope of the demand curve
B. Excess demand
C. Price elasticity of demand
D. All of the above
2 Holding all other factors constant consumers demand more of a good the
A. Higher its price
B. Lower its price
C. Steeper the downward slope of the demand curve
D. Steeper the upward slope of the demand curve
3 When two goods are substitutes a shock that raises the price of one good causes the price of the other goods to.
A. Remain unchanged
B. Decrease
C. Increase
D. Change in an unpredictable manner
4 The expression increase in quantity supplied is illustrated graphically as a.
A. Leftward shift in the supply curve
B. Rightward shift in the supply curve
C. Movement up long the supply curve
D. Movement down along the supply curve
5 If price is initially above the equilibrium level.
A. the supply curve will shift rightward
B. The supply curve will shift letward
C. Excess supply exists
D. All firms can sell as much as they want
6 A vertical demand curve for a particular good implies that consumers are.
A. Sensitive to changes in the price of that good
B. Not sensitive to changes in the price of that good.
C. Irrational
D. Not interested in that good
7 Consumers and firms are known as price takers only it
A. No market exists to determine the equilibrium price
B. they can set the market price
C. They cannot effect the market price
D. Excess demand exists
8 It is appropriate to use the supply and demand model if in a market.
A. Everyone is a price taker with full information about the price and quantity of the good.
B. Firms sell identical products
C. Costs of trading are low
D. All of the above
9 If the price of automobiles were to decrease substantially the demand curve for public transpiration would most likely.
A. shift rightward
B. Shift leftward
C. Remain unchanged
D. Remain unchanged while quantity demanded would change
10 Most Microeconomic models assume that decision makers wish to.
A. Make themselves as well off as possible
B. Act selfishly
C. Not cooperate with others
D. None of the above

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