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PPSC Economics Full Book MCQ Test MCQs With Answers
Question # 1
Changes in subjective or objective factors.
Choose an answer
Never affect the consumption function
Always cause downward shifts of the consumption function
Always cause upward shifts of the consumption function
May cause upward or downward shifts of the consumption function
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Question # 2
When stock market is falling it is calle.
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Bearish
Bulish
Imperfect competition
Fall down
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Question # 3
Economic growth may depend upon __________ and_________
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Population size , x -efficiency
Population age distribution, education
Population growth, education
Population growth, technical progress
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Question # 4
Market is called father of economics
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Marshall
Robbins
Keynes
Friedman
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Question # 5
Skilled labour is relatively scarce because.
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There are too few teachers
Too few student places in higher education
It is costly to acquire human capital
Teachers salaries are too low
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Question # 6
The data indicates that country A in billions of rupees is experiencing a
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A deficit of Rs.60
A surplus of Rs. 300
Deficit of Rs.900
A deficit of Rs. 500
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Question # 7
In an open economy leakages to imports ______ the value of the multiplier.
Choose an answer
Reduce
Increase
do not change
None of these
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Question # 8
Which of the following macro economics variables is a cyclical.
Choose an answer
Real interest rates
Unemployment
Money supply
Consumption
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Question # 9
If there is a prices celling, which of the following is NOT likely to occur.
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Rationing by first come first served
Black markets
Gray markets
Sellers providing goods for free that were formerly not free
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Question # 10
Land will be allocated between competing uses so that.
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Housing gets priority
Industry gets priority
Faming gets priority
The equilibrium rental rate equilibrium total demand with supply
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Question # 11
When planned saving equals Rs.40+0.20 Yd and planned investment is rs. 60, the equilibrium level of income in.
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Rs. 100
Rs. 400
Rs.500
Rs.1000
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Question # 12
The values are represented by identical symbol or picture's
Choose an answer
Bar charts
Pictograms
Circle charts
graphs
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Question # 13
In the Keynesian model in the long run an increase in the money supply will raise
Choose an answer
The price level but not the level of output
The level of output but not the price level
Both the level of output and the price level
Neither the level of output nor the price level
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Question # 14
The Hocksher Ohlin model rules out the classical model's basis for trade by assuming that. _______ is identical between countries.
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Factor endowments
Factor intensities
Technology
Opportunity costs
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Question # 15
If an economy is productively efficient.
Choose an answer
Everyone is wealthy
Resources are unemployed
More of one product can only be produced if less of another product is produced.
The distribution of income is equal
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Question # 16
The value of the dependent variable where the graph cuts the y-axis is called.
Choose an answer
X - intercept
Y- intercept
Slope
None of these
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Question # 17
An economy that falls to realize all of its p9otential gains from specialization is.
Choose an answer
Achieving productive efficiency
Operating outside its production possibilities curve
Operating on its production possibilities curve in an inefficient manner
Operating inside its production possibility curve
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Question # 18
"Null set is proper subset of all the non nul sets" this statement is.
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Always true
sometimes true
Never true
True subject to some conditions
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Question # 19
The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
Choose an answer
AFC exceeds AVC
MC is between Rs. 0.79 and Rs. 0.83
AVC is Rs. 0.83
MC is greater than Rs. 0.83
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Question # 20
Advocates of industrial policy maintain that government should.
Choose an answer
Purse free trade as a policy that leads to maximum global efficiency
Grant subsides to firms offering potential comparative advantage.
Provide loans to domestic workers in exporting industries.
Increase interest rates on loans made to firms in import competing industries.
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Question # 21
Net taxes are.
Choose an answer
Government expenditures minus government revenues.
Taxes paid by firms and households to the government minus the transfer payments made to firms and household.
Taxes paid by firms and household to the government plus transfer payments made to firms and hose holds.
Taxes paid by firms and hose hold to the government minus the cost of collecting the taxes.
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Question # 22
The cost of using capital services is the
Choose an answer
wage rate of capital
Interest charges
Marginal capital cost
Rental rate for capital
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Question # 23
The short run aggregate supply curve the absence of misperceptions.
Choose an answer
Is vertical
Slopes upward
Is horizontal
Slopes downward
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Question # 24
Which of the following part of M1
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Stock negotiating accounts
Automatic transfer system accounts
Negotiable orders of withdrawal accounts
Demand deposits of mutual saving banks.
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Question # 25
"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
Choose an answer
Allen
Marshall
Adam smith
Robert griffin
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Question # 26
Gold -Collars workers fall in
Choose an answer
Primary activity
Tertiary production
Quinary activity
None of these
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Question # 27
The Ad, SRAS ,and LRAS curve each show a relationship between which two economic variables.
Choose an answer
The aggregate price level and output
The aggregate price level and the interest rate
Output and unemployment
Output and the interest rate.
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Question # 28
In the short run an increase in the quantity of money ______ real GDP and _ the price level.
Choose an answer
increases ; raises
does not change ; lowers
decreases ; raises
decrease ; lowers
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Question # 29
In order to maximize profits a monopoly company will produce that quantity at which the.
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Marginal revenue equals average total cost
Price equals marginal revenue
Marginal revenue equals marginal cost
total revenue equals total cost
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Question # 30
If the sampi is accepted as coming from a universe with a mean of Rs.500 or greater when if doesn't.
Choose an answer
A Type II error is made
A type I error is mad
The alternative hypothesis is correct.
A and C are correct
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Question # 31
Which of the following IS a function of money.
Choose an answer
Medium of exchange
Store of value
Unit of accounting
All of the above
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