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

Equilibrium is defined as a situation in which.

Question # 2

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

Question # 3

A specific tax on sellers will

Question # 4

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

Question # 5

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

Question # 6

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

Question # 7

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

Question # 8

Consumers and firms are known as price takers only it

Question # 9

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

Question # 10

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

Question # 11

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

Question # 12

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

Question # 13

If price is initially above the equilibrium level.

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

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

Question # 16

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

Question # 17

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

Question # 18

A competitive equilibrium is described by

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 6 Important MCQ's

Sr.# Question Answer
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.
A. -1.25
B. Inelastic
C. Both a and b
D. Neither A nor B above
2 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
3 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
4 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
5 The purpose of making assumptions in economic model building is to.
A. Force the model to yield the correct answer
B. Minimize the amount of work an economist must do
C. simplify the model while keeping important details.
D. Express the relationship mathematically.
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 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
8 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
9 If a government imposed price celling causes the observed price in a market to be below the equilibrium price.
A. There will be excess demand
B. There will be excess supply
C. The curves will shift to make a new equilibrium at the regulated price
D. None of the above
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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