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.
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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

There are two theories of consumer behavior i.e.

Utility Theory

Cardinal approach & Ordinal approach

Ordinal approach

Cardinal approach

Budget constraint Theory

2 / 25

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

Unskilled Labour

Traders

Land and Labour

3 / 25

The fundamental economic problem is

Poverty

nflation

Unemployment

Scarcity

4 / 25

"The Wealth of Nations" was published in

1876

1976

1776

1676

5 / 25

What is economics?

Management of resources only.

None of the above

Management of scarce resources to maximize utility

Maximization of utility.

6 / 25

Utility is defined as

Prefrences

Satisfaction

Constraint

All of the above

7 / 25

Theory of choice is about

Production

Market Structure

Preferences of People

Cost of Production

8 / 25

Economic growth is Illustrated as

Production Possibilities Frontier shifts outwards

Movement from inside the curve towards the curve

Movement along the production possibilities Frontier towards capital goods

Production Possibilities Frontier shifts inwards

9 / 25

Which group shows the basic factors of production?

Land, Labour, Capital, Technology

Land, Management Skills, Capital, Technology

Land, Labour, Natural Resources, Capital

Land, Labour, Capital, Enterprise

10 / 25

The opportunity cost of a good refers the

The others goods sacrificed to get another unit of that good

The time lost in finding it

The expenditure on a good

Loss of interest in using savings

11 / 25

Economies of scale represents the

Falling average cost

Rising average cost

Positive average cost

Constant average cost

12 / 25

Political economist

Sociologist

None of the above

Politician

13 / 25

According to cardinal approach of consumer behavior, Consumer is

Rational

None of the above

Varies person to person

Irrational

14 / 25

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

David Ricardo

Adam Smith

Alfred Marshall

J.M Keynes

15 / 25

Ceteris Paribus is defined as

Both of the above

Other things are equal/constant

Everything is variable

None of the above

16 / 25

Short run is the time period in which

All factors of production are fixed

None of the above

All factors of production can change

Variable factors of production can change

17 / 25

Cardinal Approach implies that

Utility cannot be measured

Utility is measurable in terms of number of goods consumed

Utility is measurable in monetary terms

None of the above

18 / 25

Points on the Production Possibilities Frontier are

Efficient

None of the above

Unattainable

Inefficeint

19 / 25

The theories of consumer behavior explains that

How to allocate budget without considering utility maximization

How to maximize utility without considering budget constraint

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

All of the above

20 / 25

David Ricardo coined the concept of

Diminishing Returns

Partial Equlibrium

General Equilibrium

Invisible Hand

21 / 25

The term capitalism refers the

State ownership of capital goods

Use of markets

Private ownership of capital goods

State and Private ownership of capital goods

22 / 25

In cardinal approach of consumer behavior marginal utility of money is

decreasing

incresing

constant

Varies with time and situation

23 / 25

Microeconomics is related to

The individual economic behavior

The whole economy

The household purchase decisions

None of the above

24 / 25

The concept of Invisible hand was coined by

Alfred Marshall

Adam Smith

J.M Keynes

David Ricardo

25 / 25

Long run is a period in which

Labour can not be chnaged

All factors of production can change

Capital can not be changed

Only one factor of production is fixed

Your score is

The average score is 0%

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