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

Question # 2

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

Question # 3

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

Question # 4

Most Microeconomic models assume that decision makers wish to.

Question # 5

Holding all other factors constant consumers demand more of a good the

Question # 6

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

Question # 7

An increases in the demand curve for orange juice would be illustrated as a.

Question # 8

Equilibrium is defined as a situation in which.

Question # 9

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

Question # 10

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

Question # 11

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

Question # 12

Consumers and firms are known as price takers only it

Question # 13

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

Question # 14

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 # 15

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

Question # 16

It is appropriate to use the supply and demand model if in a market.

Question # 17

A vertical demand curve results in.

Question # 18

As the price of a good increases, the change in the quantity demanded can be shown by

Question # 19

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.

Question # 20

A competitive equilibrium is described by

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PPSC Economics Chapter 6 Important MCQ's

Sr.# Question Answer
1 If the price of automobile were to decrease substantially the demand curve for automobiles would most likely.
A. shift rightward
B. Shift left eard
C. Remain unchanged
D. Become steeper
2 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
3 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
4 If the price of automobiles were to increase substantially the demand curve for gasoline would most likely
A. Shift leftward
B. Shift right ward
C. Become flatter
D. Become steeper
5 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
6 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
7 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
8 To determine the total demand for all consumers sum the quantity each consumer demands.
A. At a given price
B. At all prices and then sum this amount across all consumers
C. Both a and b will generate the same total demand
D. None of the above
9 If government regulations prohibit the production of a particular good the demand curve for that good will most likely.
A. Shift leftward
B. Shift rightward
C. Remain unchanged
D. Disappear
10 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.
A. -1.25
B. Inelastic
C. Both a and b
D. Neither A nor B above

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