Economics MCQs |

PPSC FPSC Lecturer Economics Online Test 29 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 29
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. 29

1 / 25

Adam Smith was a:

good sports man

classical economist

Saint

a modern economist

2 / 25

One or more persons living together and having a common budget is called:

all commodities in house

organisation

a family

household

3 / 25

Who described economics as a science of material welfare?

Robbins

Keynes

Ricardo

Marshall

4 / 25

Economics:

should be made compulsory for every student

none of them

is a social science

is more important than mathematics

5 / 25

GDP (Y) = Consumption (C) + Investment (I) + Govt. Expenditures (G) + Net Exports (NX(X-M)):

Both a and b

It is an open economy Equation

None of the above

It is a closed economy equation

6 / 25

GDP is defined as the......

Gross national product (GNP) is an estimate of total value of all the final products and services produced in a given period by the means of production owned by residents of a country

All of the above

the total amount of money earned within a country

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a borders of a country in a specific time period.

7 / 25

Economics laws are:

approximate

brief

exact

definite

8 / 25

A positive statement:

deals with values and opinions

is always accurate

concerns 'what is'

cannot be tested in the real world

9 / 25

"Everyone should study economics":

is a positive statement

is nonsense

is a normative statement

is a true statement

10 / 25

Utility and usefulness are:

equal

unrelated

similar

different

11 / 25

PI =

NI + Transfer Payments - Tax on Profit - Undistributed Profit

NI + Transfer Payments - Tax on Profit

NI + Transfer Payments

12 / 25

In economics, assumptions:

used in micro and not in macroeconomist

make economic theory useless

mean other things equal

enable economists to simplify reality

13 / 25

GNP is defined as the..............

Gross national product (GNP) is an estimate of total value of all the final products and services produced in a given period by the means of production owned by residents of a country

All of the above

the total amount of money earned within a country

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a borders of a country in a specific time period

14 / 25

National Income is defined as the........

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a borders of a country in a specific time period

the total amount of money earned within a country

All of the above

Gross national product (GNP) is an estimate of total value of all the final products and services produced in a given period by the means of production owned by residents of a country

15 / 25

DPI stands for......

Disposable Personal Income

Disposable Permanent Investment

Disposable Permanent Income

Disposable Personal Investment

16 / 25

NNP =

GDP - Depreciation Allowance

GNP - Depreciation Allowance

GNP + Depreciation Allowance

GDP + Depreciation Allowance

17 / 25

Economic law:

is unscientific

must be followed

is hated by people

show economic behavior of people

18 / 25

Market system means:

capitalism

all of them

a place where goods are traded

socialism

19 / 25

Normative economics:

is clearly preferable to positive economics

is never studied in colleges

deals solely with the facts

involves opinions and interpretations

20 / 25

NI =

NNP + Indirect Taxes - Subsidies

NNP- Indirect Taxes + Subsidies

NNP + Subsidies

NNP- Indirect Taxes

21 / 25

Closed economy implies that there is no ............... in country:

Saving

Investment

All of the above

Trade

22 / 25

DPI =

Personal Taxes

PI - Personal Direct Taxes

PI - Personal indirect taxes

23 / 25

"Wealth of Nations" was written in:

1876

1776

1976

1676

24 / 25

Father of political economy

Adam Smith

Marshall

Malthus

Samuelson

25 / 25

GNP =

NI + Foreign Remittances

GDP + Foreign Remittances

NI - Foreign Remittances

GDP - Foreign Remittances

Your score is

The average score is 0%

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