Lecturer Economics MCQs

PPSC FPSC Lecturer Economics Online Test 18 Solved MCQs

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There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
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Test Instructions:-
Test Name	Lecturer Economics
Subject	Economics Test 18
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

PPSC LECTURER OF ECONOMICS ONLINE PRACTICE TEST NO. 18

1 / 25

Which of the following is considered as a factor of production?

Land and Labour

Unskilled Labour

Traders

2 / 25

Short run is the time period in which

All factors of production can change

None of the above

Variable factors of production can change

All factors of production are fixed

3 / 25

Which group shows the basic factors of production?

Land, Labour, Capital, Enterprise

Land, Labour, Natural Resources, Capital

Land, Labour, Capital, Technology

Land, Management Skills, Capital, Technology

4 / 25

Theory of choice is about

Cost of Production

Production

Market Structure

Preferences of People

5 / 25

"The Wealth of Nations" was published in

1776

1976

1676

1876

6 / 25

The author of the book "The Wealth of Nations" is

J.M Keynes

David Ricardo

Alfred Marshall

Adam Smith

7 / 25

The term capitalism refers the

State and Private ownership of capital goods

Use of markets

Private ownership of capital goods

State ownership of capital goods

8 / 25

The concept of Invisible hand was coined by

Alfred Marshall

David Ricardo

J.M Keynes

Adam Smith

9 / 25

Ceteris Paribus is defined as

None of the above

Both of the above

Other things are equal/constant

Everything is variable

10 / 25

Political economist

Sociologist

Political economist

Politician

None of the above

11 / 25

The fundamental economic problem is

nflation

Scarcity

Poverty

Unemployment

12 / 25

What is economics?

Management of resources only.

Management of scarce resources to maximize utility

None of the above

Maximization of utility.

13 / 25

There are two theories of consumer behavior i.e.

Ordinal approach

Budget constraint Theory

Utility Theory

Cardinal approach

Cardinal approach & Ordinal approach

14 / 25

Economic growth is Illustrated as

Movement from inside the curve towards the curve

Production Possibilities Frontier shifts inwards

Movement along the production possibilities Frontier towards capital goods

Production Possibilities Frontier shifts outwards

15 / 25

Long run is a period in which

Only one factor of production is fixed

Labour can not be chnaged

Capital can not be changed

All factors of production can change

16 / 25

According to cardinal approach of consumer behavior, Consumer is

Rational

None of the above

Varies person to person

Irrational

17 / 25

The opportunity cost of a good refers the

Loss of interest in using savings

The others goods sacrificed to get another unit of that good

The expenditure on a good

The time lost in finding it

18 / 25

Points on the Production Possibilities Frontier are

None of the above

Efficient

Unattainable

Inefficeint

19 / 25

In cardinal approach of consumer behavior marginal utility of money is

constant

decreasing

Varies with time and situation

incresing

20 / 25

Utility is defined as

Satisfaction

Constraint

All of the above

Prefrences

21 / 25

David Ricardo coined the concept of

Invisible Hand

Diminishing Returns

Partial Equlibrium

General Equilibrium

22 / 25

Microeconomics is related to

None of the above

The individual economic behavior

The whole economy

The household purchase decisions

23 / 25

Cardinal Approach implies that

None of the above

Utility is measurable in monetary terms

Utility cannot be measured

Utility is measurable in terms of number of goods consumed

24 / 25

Economies of scale represents the

Falling average cost

Rising average cost

Positive average cost

Constant average cost

25 / 25

The theories of consumer behavior explains that

How to maximize utility from consuming goods/services within in the limit of budget

All of the above

How to maximize utility without considering budget constraint

How to allocate budget without considering utility maximization

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