PPSC Lecturer Economics Test 13 Online Preparation MCQs

Leave a Comment / By Hassan / October 13, 2020

Given below on this Website Online Free Taleem is free online MCQ’s test related to PPSC of Lecturer Economics. All the individuals who are going to appear in PPSC Lecturer of Economics written test can attempt these tests in order to prepare for it in best possible way. Our tests include all the important questions MCQs of Lecturer of PPSC Economics, all Past Papers of Lecturer of Economics PPSC that have extremely high amount of chances for been included in the actual exam which make our test undoubtedly the best source of preparation.

Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
Practice this test at least 5 times if you want to secure High Marks.
At the End of the Test you can see your Test score and Rating.
If you found any incorrect answer in Quiz. Simply click on the quiz title and comment below on that MCQ. So that I can update the incorrect answer on time.

Please Click Below START Button to Take this Lecturer Economics Test Online.

Test Instructions:-
Test Name	Lecturer Economics
Subject	Economics Test 13
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 Test 13

1 / 25

If the quantity demanded of beef increases by 5% when the price of chicken increases by 20%, the cross-price elasticity of demand between beef and chicken is:

0.25

-0.25

-4

2 / 25

Economic rent represents excess payment to a factor of production over and above its:

Transfer costs

Transfer payments

Variable costs

Transfer earnings

3 / 25

Which one has negative income effect?

Inferior goods

Superior goods

Normal goods

Merit goods

4 / 25

A movement along the demand curve (drawn in Quantity-Price space) to the left may be caused by:

a rise in income

an increase in supply

a fall in the number of substitute goods

a rise in the price of a complementary good

5 / 25

If a government were to fix a minimum wage for workers that was higher than the marketclearing equilibrium wage, economists would predict that:

D. wages in general would fall as employers tried to hold down costs

more workers would become employed

the costs and prices of firms employing cheap labour would increase

there would be more unemployment

6 / 25

The price of bread increases by 22% and the quantity of bread demanded falls by 25%. This indicates that demand for bread is:

elastic

perfectly elastic

inelastic

unitarily elastic

7 / 25

A price ceiling imposed by the government can cause a shortage (excess demand):

either of the above

when the price ceiling is below the free (or unregulated) market price

when the price ceiling is above the free (or unregulated) market price

when the price ceiling is equal to the free (or unregulated) market price

8 / 25

Which statement is correct?

Supply of rubber is elastic

Demand for potatoes is elastic

Demand for tobacco is usually inelastic

Demand for salt is extremely elastic

9 / 25

A shift in the demand curve (drawn in the traditional Price-Quantity space) to the left may be caused by:

a decrease in supply

a fall in the price of a complementar y good

a fall in the number of substitute goods

a fall in income

10 / 25

The need for rationing a good arises when:

there is a perfectly inelastic demand for the good.

a surplus exists

demand exceeds supply

supply exceeds demand

11 / 25

When price of a good is held above equilibrium price, normal result will be?

Surplus of product

Increase in demand

Increase in supply

Excess demand

12 / 25

When the market operates without interference, price increases will distribute what is available to those who are willing and able to pay the most. This process is known as:

price rationing

price fixing

quantity adjustment

quantity setting

13 / 25

The price of apples falls by 5% and quantity demanded increases by 6%. Demand for apples is:

perfectly elastic

elastic

inelastic

perfectly inelastic

14 / 25

Alpha Corporation produces chairs. An economist working for the firm predicts that 'if people's incomes rise next year, then the demand for our chairs will increase, ceteris paribus.' The accuracy of the economist's prediction depends on whether the chairs Alpha produce:

are normal goods

have few complementary goods

have many complementary goods

have few substitutes

15 / 25

If the cross-price elasticity of demand between two goods is negative, then the two goods are:

unrelated goods

normal goods

complements

substitutes

16 / 25

When the decrease in the price of one good causes the demand for another good to decrease, the goods are:

complements

inferior

substitutes

normal

17 / 25

Equilibrium in the market for good A obtains:

where the demand and supply curves for A intersect

all of the above

when all of what is produced of A is consumed

when there is no surplus or shortage prevailing in the market

18 / 25

What will happen to equilibrium price and quantity when both the demand and supply curves shift to the left:

quantity falls unambiguously but the effect on price cannot be determined

the effect on both price and quantity cannot be determined

price falls unambiguously but the effect on quantity cannot be determined

both price and quantity falls unambiguously

19 / 25

If the “regulated-market” price is below the equilibrium (or “free-market” price) price:

demand will be less than supply

quantity demanded will equal quantity supplied

the quantity demanded will be greater than quantity supplied

quantity demanded will be less than quantity supplied

20 / 25

A price floor is:

a minimum price usually set by government, that sellers m ust charge for a good or service

the difference between the initial equilibrium price and the equilibrium price after a decrease in supply

a maximum price usually set by government, that sellers may charge for a good or service

the minimum price that consumers are willing to pay for a good or service

21 / 25

In the short run to stay in business, the firm must cover:

Normal Profit

Variable costs

Fixed costs

Total costs

22 / 25

What will happen to equilibrium price and quantity when the demand curve shifts to the left and the supply curve shifts to the right:

the effect on both price and quantity cannot be determined

both price and quantity falls unambiguously

price falls unambiguously but the effect on quantity cannot be determined

quantity falls unambiguously but the effect on price cannot be deter mined

23 / 25

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity?

Price falls, quantity rises

Both price and quantity fall

Price rises, quantity falls

Both price and quantity rise

24 / 25

How many different equilibria can obtain when you allow for shifts in the demand and/or the supply curves?

25 / 25

A shift in the demand curve (drawn in Income-Quantity space) to the left may be caused by:

a fall in income

a rise in the number of substitute goods

a change in tastes such that consumers prefer the good more

a fall in the price of a complementary good

Your score is

The average score is 72%

PPSC Lecturer Economics Test 13 Online Preparation MCQs

Related

Leave a Comment Cancel Reply

Related

Popular Posts

Leave a Comment Cancel Reply