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

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

Question # 2

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

Question # 3

A vertical demand curve results in.

Question # 4

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

Question # 5

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

Question # 6

A specific tax on sellers will

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

In the labor market if the government imposes a minimum wage that is below the equilibrium wage then.

Question # 11

If price is initially above the equilibrium level.

Question # 12

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 # 13

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

Question # 14

Which of the following is an example of a normative statement.

Question # 15

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

Question # 16

Most Microeconomic models assume that decision makers wish to.

Question # 17

Consumers and firms are known as price takers only it

Question # 18

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

Question # 19

A competitive equilibrium is described by

Question # 20

For a given positively sloped supply curve the price increase to consumers resulting from a specific tax imposed on sellers will be.

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Sr.# Question Answer
1 A competitive equilibrium is described by
A. A price only
B. A quantity only
C. The excess supply minus the exceess demand.
D. A price and a quantity
2 As the price of a good increases, the change in the quantity demanded can be shown by
A. Shifting the demand curve leftward
B. Shifting the demand curve rightward
C. Moving down along the same demand curve
D. Moving up long the same demand curve
3 An increases in the demand curve for orange juice would be illustrated as a.
A. Leftward shift of the demand curve
B. Right ward shift of the demand curve
C. Movement up along the demand curve
D. Movement down along the demand curve
4 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
5 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
6 Economists tend to judge a model based upon
A. the realty of its assumptions
B. The accuracy of its predications
C. Its simplicity
D. Its complexity
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 Suppose the demand curve for a good shifts rightward, causing the equilibrium price to increase this increase in the price of the good results in.
A. A rightward shift of the supply curve
B. An increase in quantity supplied
C. A leftward shift of the supply curve
D. A leftward movement along the supply curve
9 A specific tax on sellers will
A. shift the demand curve to the right
B. Shift the demand curve the left
C. Shift the supply curve to the right
D. Shift the supply curve to the left
10 Which of the following is an example of a normative statement.
A. Since this good is bad for you, you should not consume it.
B. this good is bad for you
C. If you consume this good you will get sick
D. People usually get sick after consuming this good

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