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PPSC Economics Full Book MCQ Test MCQs With Answers
Question # 1
The short run marginal cost curve cuts the short run total cost curve and short run average variable cost curve.
Choose an answer
At their lowest points
When they are declining
When they are increasing.
When marginal revenue is zero
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Question # 2
Profit is measured by
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Revenue - Fixed costs
Fixed cost + revenue
Revenue - sales
Revenues - total costs
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Question # 3
Holding all other factors constant consumers demand more of a good the
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Higher its price
Lower its price
Steeper the downward slope of the demand curve
Steeper the upward slope of the demand curve
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Question # 4
Deep ecology places emphasis upon
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Life
Man
Environment
Relationship
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Question # 5
All currencies other than the domestic currency of a given country are referred to as.
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Reserve currencies
Neal monies
Foreign exchange
Hard currency
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Question # 6
With no government and foreign trade sectors savings always equals.
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Intended investment
Realized investment
Botha a and b
None of these
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Question # 7
The regression results indicate that the standard error of estimate is.
Choose an answer
135.94
16.06
28.98
4.27
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Question # 8
When total utility becomes maximum then marginal utility will be.
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Minimum
Average
Zero
Negative
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Question # 9
For a positively skewed distribution.
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mean > mode ? median
mean > median > mode
mode > mean > median
mean < mode < median
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Question # 10
Which of the following is automatic stabilizer.
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Unemployment benefits
Spending on education
Defense spending
Net interest
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Question # 11
Why would corporations want to achieve zero balances in their checking accounts.
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To earn more interest
To avoid paying taxes
to keep a low profile
To circumvent banking regulations
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Question # 12
The most important determinant of price elasticity is.
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The slope of the demand curve
The availability of substitutes
The price of other goods
The income of the consumer
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Question # 13
A specification of a maximum amount of a foreign produced good that will be allowed to enter the country over a given time period is referred to as a
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Domestic subsidy
Export subsidy
Import quota
Export quota
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Question # 14
Empirically verifiable observation is
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Values
Theory
Fact
Hypothesis
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Question # 15
In singular sense 'Statistics' is considered as.
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Statistical data
Statistical methods
Both a a and b
None of these
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Question # 16
What the process of summarizing raw data and displaying them on compact statistical table for further analysis.
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Statistical analysis
Data processing
Tabulation
Table construction
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Question # 17
The tax is question 52 is
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Progressive's
Regressive
Proportional
None of these
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Question # 18
An allocation is Pareto efficient if no reallocation of resources would make some people_______ whiteout making others
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Worse off, worse off
better off, better off
better off, worse off
equal , unequal
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Question # 19
Which of the following the most elastic demand the extra revenue a firm receives from the services of an additional unit of a factor of production.
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Total revenue
Marginal physical product
Marginal revenues product
Marginal revenue.
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Question # 20
What is the refers to any collection of specified group of human beings
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Sampling
Random sampling
Non probability sampling
Population
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Question # 21
When the supply of money increases.
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The LM curve will shift in
The LM curve will shit out
The demand for money will decrease
The demand for money will increase
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Question # 22
Medieval scholastics, early Islamic thinkers, and Aristotie all agreed that.
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Payments of interest should be prohibited.
Commerce was modeled on a circular flow
Surpluses are enhanced throgh skilled management.
All of the above
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Question # 23
Believers in the monetarist rule assert that
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Lags are long and variable
the economy cna be stabilized by automatic mechanisms
The central bank should keep the money supply growth constant
All of the above
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Question # 24
Ahmed regression model yields a Durbin Watson d statistic whose value is 0.002. The results indicate.
Choose an answer
Positive serial correlation
the presence of multicollinearity
No serial correlation
Negative serial correlation
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Question # 25
A movement along the demand curve may be caused by
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A change in income
A change en the number of buyers
A change in advertising
A shift in supply
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Question # 26
The practice of using fiscal and monetary policy to stabilize the economy is known as.
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Fine turning of deamand
Monetarism
Laissez faire economics
Supply side economics
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Question # 27
Given the Is -LM construction of the figure above an unexpected increase in the price level, in the absence of any policy adjustment will.
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Increase both interest rates and GNP
Reduce both interest rates and GNP
Increase GNP but cause interest rates to tall
Increase interest but cause GNP to fall.
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Question # 28
A Market situation where the number of buyers is very large and the number of sellers are very small is called.
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Perfect competition
Duopoly
Oligopoly
In perfect competition
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Question # 29
If the economy grows the government's budget position will automatically
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Worsen
Improve
Stay the same
Increase with inflaction
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Question # 30
The locus of equilibrium of consumers due to changes in price of a commodity is known as.
Choose an answer
Price consumption curve
Income consumption curve
Producing possibility curve
None of these
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Question # 31
According to the Laffer curve as tax rates increase tax revenues.
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Decrease continuously.
Initially decrease and then increase
Rise continuously
Initially increase and then decrease
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