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PPSC Economics Full Book MCQ Test MCQs With Answers
Question # 1
Budget 2012 -2013 total volume is Rs. _______ billion.
Choose an answer
2,560
2.960
2.760
Noe of these
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Question # 2
A subsidy paid to producers.
Choose an answer
Shifts the supply curve
Shifts the demand curve
Leads to a contractional supply
Leads to an extension of supply
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Question # 3
Revealed preference theory was presented by.
Choose an answer
Samuelson
Hicks
Marshall
rICARDO
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Question # 4
Disinflationary demand management policies.
Choose an answer
Achieve a lower rate of inflation without causing a decreases in output.
Reduce output but have no initial effect on the inflation rate
Require an increase in government spending.
Require a reduction in the growth rate of the nominal money supply.
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Question # 5
Livestock is
Choose an answer
An independent sector
Sub -sector of agriculture
Should be a part of Agriculture
Would become a part of Agriculture
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Question # 6
According to classical models the level of employment is determined primarily by
Choose an answer
Interest rates
The level of prices
The level of aggregate supply in the economy
The level of aggregate demand for goods and services
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Question # 7
Guid up of foreign exchange reserves leads to.
Choose an answer
Decrease in money supply
increase in money supply
contraction in money supply
None of the above
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Question # 8
Skills that can be transferred to other employers are called
Choose an answer
General skills
Specific skills
Non pecuniary skills
None of these
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Question # 9
If the demand curve for a good is downward sloping then the good must be.
Choose an answer
Normal
Inferior
Giffen
Either a or b
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Question # 10
Price controls are
Choose an answer
Necessary for consumer's welfares
A must to check inflation
Doomed to fall
None of these
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Question # 11
By restricting labour supply a trade union can _________ and_______
Choose an answer
Increase the wage, increase employment
Maintain the wage, increase employment
Increase the wage lower employment
Maintain the wage, lower employment
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Question # 12
Industrial polices intended to foster comparative advantage for domestic industries could result in the implementation of.
Choose an answer
Research and development subsidies
Loan guarantees
Low interest rate loans
All of the above
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Question # 13
Unfair competition does not include
Choose an answer
Price cutting
predatory pricing
Cartels
Price fixing
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Question # 14
Globalization is made more difficult by
Choose an answer
The actions of the World Trade Organization
The removal of protectionist measures
Exchange rate instability
More free trade agreements
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Question # 15
Real business cycle theorists think that most business cycle fluctuations are caused by shocks to.
Choose an answer
The production function
The size of the labor force
The real quantity of government purchases
The spending and saving decisions of consumers
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Question # 16
In the long run a reduction in labor supply would cause output to _______ and the aggregate price level to.
Choose an answer
fall; rise
fall ; fall
rise ; fall
rise; rise
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Question # 17
Islam is against
Choose an answer
Miseries
Luxurious spending
a and b
None of these
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Question # 18
The near term effect of an unexpected sale of bonds by the central bank is.
Choose an answer
An increase in interest rates, a risen investment and a rise in GDP
An increase in interest rates a drop in investment and a drop in GDP
A decrease in interest rtes a rise in investment and a rise in GDP
A decrease in interesr rates a drop in investment and a drop in GDP
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Question # 19
The cliche that "The punishment should fit the crime " originated in the writings of.
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Plato
Thomas Aquinas
Jeremy Benithm
David hume
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Question # 20
A nation with a current account deficit will be
Choose an answer
Lending more money to other nations
Experiencing a surplus in exports of goods and services
Reducing its indebtedness to other nations
Going further into debt with other nations
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Question # 21
Which of the following is true.
Choose an answer
If the marginal cost is greater than the average cost the average cost fallls.
If the marginal cost is greater than the average cost the average cost increases.
If the marginal cost is positive total costs are maximized
If the marginal cost is negatives total costs increase at a decreasing rate if output increases
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Question # 22
Allocative efficiency is achieved under which of the following market structures.
Choose an answer
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
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Question # 23
If a monopolist faces a downward sloping market demand curve its.
Choose an answer
Average revenue is always less than marginal revenue
Marginal revenue is greeter than the price of the units it sells.
Average revenue is less than the price of its product.
Marginal revenue is always less than the price of the units it sells
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Question # 24
In the monetary base is increased by $1,000 and the reserve requirement is 10% by how much will the money supply be increased.
Choose an answer
$100
$1,000
$5,000
$10,000
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Question # 25
Labour productivity measures.
Choose an answer
The output per worker
The output per machine
Total output
Marginal output
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Question # 26
Modern Technique can be applied on
Choose an answer
Economic land holding
Uneconomic land holding
any land holding
None of these
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Question # 27
Perfect price discrimination means that every customer.
Choose an answer
Buys the same amount
Pays the same price
Pays what she thinks the product is worth
Contributes the same revenue.
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Question # 28
In the labor market if the government imposes a minimum wage that is below the equilibrium wage then.
Choose an answer
Workers who wish to work at the minimum wage will have a difficult time finding jobs.
Firms will hire fewer workers than without the minimum wage law.
Some workers may lose their jobs as a result
Nothing will happen to the wage rate or employment
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Question # 29
Scientific social survey and Research is written by
Choose an answer
Best John
Emory
Bedrove school
P.V. Young
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Question # 30
In the Keynesian model in the short run a decrease in government purchases causes output to _____ and the real interest rate to.
Choose an answer
fall ; rise
fall ; fall
rise ; rise
rise; fall
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Question # 31
According to Keynesian macro economics price adjust _____ to shocks, so the government should.
Choose an answer
Slowly ; do little
Rapidly ; do little
Rapidly ; fight recessions
Slowly ; fight recessions
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