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PPSC Economics Full Book MCQ Test MCQs With Answers
Question # 1
If the marginal revenue is positive
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Selling another unit will increase total revenue
Selling another unit will increase profits
Selling another unit will increase cost
Selling another unit will increase average revenue
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Question # 2
The demand curve for labor for a monopolist when other inputs are fixed is equal to its
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Marginal value product curve
Marginal revenue product curve
Horizontal summation of the firms demand curve at different output prices
Marginal physical product curve
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Question # 3
Which of the following is NOT characteristics of underdeveloped nations.
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Low per capita income
Low growth rate of GNP
General needs for substantive investment in the infrastructure
Low population growth rates
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Question # 4
Which of the following changes shifts the AD curve up and to the right.
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A rise in the nominal money supply
An increase in income taxes
An increase in the risk on nonmonetary assets
A decreasing the future marginal productivity of capital.
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Question # 5
If the MPC is 0.5 the multiplier is
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2
1/2
0.2
20
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Question # 6
In the period of Zia ul Haq the nationalized enterprises went on.
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Loss
Profit
Developing
None of these
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Question # 7
The associative law of union is
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AU (BUC= (AUB)
U C
AUB = BUA
BUC = BUA
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Question # 8
The agricultural price support program is an example of.
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A price celling
A price floor
Equilibrium pricing
None of these
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Question # 9
"Transactions" money is money used as a
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Store of value
Unit of account
Medium of exchange
Standard of deferred payment
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Question # 10
A tax of 18 cents per unit of imported cheese would be an example of a.
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Compound tariff
Effective tariff
Ad valorem tariff
Specific tariff
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Question # 11
The main role of the Federal Reserve is to
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Administer the government on the state of the economy
Overses the operations of the financial system and monetary management.
Establish the value of the dollar and official interest rates
Provide advice to the government on the state of the economy.
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Question # 12
What is the production level for public good W, if the government uses full cost pricing.
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Q = 2
Q = 5
Q= 4
Q = 6
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Question # 13
Research based on empirical evidences and.
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scientific experience
Political experience
Rational experience
Observable experience
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Question # 14
A disadvantage of the barter system is that
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No trade occurs
People must produce all their own food clothing and shelter
The opportunity to specialize is greatly reduced.
Gold is the only unit of account
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Question # 15
A concept which can take on different quantitative values is called a.
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Variables
Control groups
Values
paradigm
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Question # 16
Nationalization occurs when
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The government bans a product
The government takes control of an industry
the government taxes a product to a raise the price.
The government taxes a product to a raise its price.
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Question # 17
The extent of variability is measured by
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Central tendency
Measures of dispersion
Arithmetic mean
Co relation
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Question # 18
A positive definite Hessian fulfills the second order conditions for
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Maximum
Minimum
Both maximum and minimum
Mini max
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Question # 19
Adding up the quantities demanded of a good by different people facing the same price gives us the.
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Supply curve
Market demand curve
Demand curve
Market supply curve
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Question # 20
If firms paying employees monthly began paying them weakly then the demand for money would.
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Rise and income would rise
Rise and income would fall
Fall and income would rise
Fall and income would fall
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Question # 21
When the value of output exceeds planned spending .
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There is unsold output, and the level of income will fall
there is unsold output and the level of income will rise
There is unsold output, and the level of income does not change.
All of the above
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Question # 22
The human centered ethics puts value up on
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Human only
Animals only
Species as a whole
Single individual
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Question # 23
An economics variable that moves in the same direction as aggregate economic activity is called.
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Countercyclical
Procyclical
A cyclical
A leading variable
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Question # 24
If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
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Increase in demand
Decrease in demand
Increase in total revenue
Decrease in total revenue
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Question # 25
The law of demand states that.
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As the quantity demanded rises, the price rises.
As the price rises the quantity demanded rises
As the price rises, the quantity demanded falls.
As supply rises, the demand rises.
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Question # 26
The term of trade is given by theprices.
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Paid to all goods exported by the home country
Received for all goods exported by the home country
Received for exports and paid for imports.
Of primary products as opposed to manufactured products.
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Question # 27
Qualitative research focuses primarily on the meaning of.
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Subjective attributes of individuals groups
Objective attributes of individuals or groups
Facts of Indi duals or groups
Descriptive attributes of individuals or groups
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Question # 28
In order of practice price discrimination which of the following is needed.
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Some degree of monopoly power
An ability to separate the market
An ability to prevent reselling
All of the above
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Question # 29
When the economy goes into are cession there's an increase in.
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Frictional unemployment
structural unemployment
Cyclical unemployment
Voluntary unemployment
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Question # 30
In closed economic model aggregate demand is not sensitive to.
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Interest rates
Exchange rates
Price level
Tax policy
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Question # 31
The law of diminishing returns states that as more of a variable factor is added to a certain amount of a fixed factor beyond some point.
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Total Physical product begins to fall
The marginal physical product rises
The marginal physical product falls
The average physical product falls.
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