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PPSC Economics Full Book MCQ Test MCQs With Answers
Question # 1
Friend man's theory of consumption focuses on
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Past income
Current income
Disposable income
Permanent income
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Question # 2
When a market is contestable , incumbent firms must.________ to avoid the entry of new competitors.
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Behave like competitive firms
Agree to act together
Differentiate their products
Practice price discrimination
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Question # 3
In the short term a firm will produce provided the revenue
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Covers fixed costs
Covers variable costs
Covers total costs
Covers revenue
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Question # 4
According to factor price equalization theorem the ______ factor should oppose free trade policies in any given country.
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Abundant
Scarce
Neither
Can't tell without more information
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Question # 5
Horizontal integration may lead to internal economics of scale. Which of the following is not a type of internal economy of scale.
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Purchasing
Technical
Financial
Safety
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Question # 6
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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Remain unchanged
Decrease
Increase
Change in an unpredictable manner
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Question # 7
The implementation lag for monetary policy is generally
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Much longer than it is for fiscal policy
Unrelated to central bank action
The same as it is for fiscal policy
Much shorter than it is for fiscal policy.
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Question # 8
Free trade is based on the principle of
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Comparative advantage
Comparative scale
Economics of advantage
Production possibility advantage
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Question # 9
The associative law of union is
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AU (BUC= (AUB)
U C
AUB = BUA
BUC = BUA
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Question # 10
Which of the following events will lead to a decrease in the demand for money.
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An increase in the level of aggregate output.
A decrease in the supply of money
A decrease in the interest rate
a decrease in the price level
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Question # 11
A set continuing no elements is called.
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Null set
mpty set
void set
all of the above
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Question # 12
The aggregate supply of labor is the
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Total amount of time a person works over his or her lifetime
Total amount of time a person spend in the labor force over his or her life time
Unemployment rate
Sum of the labor supplied by everyone in the economy
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Question # 13
Economics given can be shown by
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An inward shift of the production possibility frontier
A movement down the production possibility frontier
An outward shift of the production possibility frontier
A movement up the production possibility frontier
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Question # 14
Bank and other corporations were nationalized by
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Z.A. Bhutto
Nawaz sharif
Zia ul Haq
None of these
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Question # 15
When we know the quantity of a product that buyers wish to purchases at each possible price we know.
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Demand
Supply
excess demand
Excess supply
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Question # 16
If employees cannot accept a job because of the costs of moving this is known as.
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Occupational immobility
Cyclical unemployment
Structural immobility
Geographical immobility
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Question # 17
Who is regarded as the founder of theory of sets.
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Adam Smith
Karl Frederich Gauss
George cantor
Euller
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Question # 18
The difference between bid rates and ask rates is called the
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Profit
Arbitrage
Spread
Forward transaction
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Question # 19
Who among the following is a pantheist
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Warwick fox
Spinoza
Kant
None of these
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Question # 20
An IOU of the Federal Reserve Bank of Scan Francisco to Bank of America is called.
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Discourse
Federal funds
Reserves
Collateral
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Question # 21
The multiplier which specifically refers to an equal increase in government spending and taxes, giving rise to that same equal increase in national income is called.
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the Keynesian multiplier
The balanced budget multiplier
the deficit multiplier
None of the above
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Question # 22
The three main components of the aggregate demand aggregate supply model include.
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AD, SRAS, LM
SRAS, LRAS, IS
AD, IS, LM
AD, SRAS, LRAS
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Question # 23
A firm can fund an investment from its own sources, the opportunity cost of its investment is
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Less than zero
Zero
More than zero
Neither
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Question # 24
Research design as the conceptual structure with in which the research is.
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Judgment
Design
Survey
Conducted
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Question # 25
Which kind economics deals with issues such as unemployment inflation, and economic growth.
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Macro economics
Micro economics
Growth economics
Political economics
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Question # 26
Production of vegetables and fruits is termed as
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Vegetative propagation
Truck forming
Both a and b
None of these
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Question # 27
The IMF gives
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Short term credits
Short term and long term creditors
Both long term credits
None of these
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Question # 28
Who stated statistics as 'aggregate of knowledge brought together for practical ends.
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W.I. King
A.L Bowley
Prof. H secrist
None of the above
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Question # 29
In Islam absolute ownership of property lies only with.
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Government
Owner of the property
Allah
None of these
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Question # 30
Human capital can be described as.
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The tools used by workers to entrances productivity
a persons inherited abilities.
The stock of expertise accumulated by a worker
Education
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Question # 31
Alfred Marshall formalized and then popularized the analytical technique known as
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General equilibrium analysis
Felicific calculus
Partial equilibrium analysis
Differential equations
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