Lecturer Economics MCQs

PPSC Lecturer Economics Important MCQs online Test No. 50

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Note:-

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 50
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

Lecturer Economics Online Test No. 50

1 / 25

When supply of a commodity increases without change in price it is called.

Fall in supply

Expansion in supply

Contraction in supply in

Rise in supply

2 / 25

Equilibrium:

is a state that can never be achieved in economics.

is an important idea for predicting economic changes

is a stable condition.

is an unstable condition.

3 / 25

If a fir makes 200 units of a good available at a price of Rs. 10 per unit, the elasticity is.

0.05

Indeterminate

4 / 25

Markets where firms supply goods and services demanded by households are:

Factor market

Product market

Open markets

Resource markets

5 / 25

Land means:

Sea

Surface of earth

Natural forests

All natural resources

6 / 25

In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then:

Price will fall

Price remains same

Price will rise

Quantity rises

7 / 25

Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs.5, there is:

A shortage

A surplus

Loss

Excess supply

8 / 25

The three broad types of productive resources are:

Money, profit and interest.

Capital, labour and natural resources

Bond, stock shares and deposits.

Technology, human capital and markets.

9 / 25

When demand is perfectly elastic, an increase in supply will result in.

Decrease in quantity sold.

Increase in quantity sold

Fall in price

None of the above

10 / 25

An increases in the price of mutton provides information which.

Tells consumers to buy more mutton.

Tells consumers to buy more chicken.

Tells producers to produce more mutton.

Provides no information.

B & C above

11 / 25

Supply of a commodity means.

Willingness to sell a certain quantity

Physical stocks available.

Planned production

Total production in a given period.

12 / 25

Price of a product is determined in a free market.

By demand for the product.

By supply of the product.

By both demand and supply

By the government

13 / 25

Market equilibrium means.

Number of buyers and sellers are equal.

Demand and supply of commodity are equal

No price is changing.

Prices rise very slowly.

14 / 25

When price is below equilibrium level, there will be.

Surplus commodity in the market.

Shortage of commodity in the market

Supply curve will shift

Demand curve will shift

15 / 25

Land:

is a free gift of nature.

Lacks geographical mobility.

is not hirable.

A & B of above

16 / 25

Which of the following shifts supply curve of cars to the right.

Tax on new cars

Increase in wages of workers

Decrease in steel price

A successful promotion campaign by sellers.

17 / 25

Labour is hirable but you cannot hire.

Capital

Land

Manager

Entrepreneur

18 / 25

If equilibrium price rises but equilibrium quantity remains unchanged, the cause is.

Supply and demand both increase equally.

Supply and demand both decrease equally .

Supply decreases and demand increases

Supply increases and demand decreases

19 / 25

Long period supply curve is.

Relatively flatter

Relatively steeper

More elastic

A & C of above

20 / 25

If elasticity of supply is one, supply curve will be:

Horizontal

Vertical

Passing through origin

Touching x-axis

21 / 25

Demand and supply curves cross at.

Always at 60 degrees.

At 90 degree

At equal angle

At any angle

22 / 25

Demand and supply forces determine market price.

Only in perfect competition.

Only in monopoly market.

In both markets

None of the above

23 / 25

Productivity of land can be raised by.

Extensive cultivation

Intensive cultivation

Better marketing

None of the above.

24 / 25

Economic development of a country requires.

Skilled labour

Diplomacy

Abundant natural resources.

A & C of above

25 / 25

A decrease I demand causes the equilibrium price to.

Rise

Fall

Remain constant

Indeterminate

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The average score is 0%

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