FPSC Lecturer Economics mcqs

PPSC Lecturer Economics Test 12 Online Preparation 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 12
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 12

1 / 25

The price of computer chips used in the manufacture of personal computers has fallen. This will lead to ..................... personal computers:

an increase in the quantity supplied of

an increase in the supply of

a decrease in the quantity supplied of

a decrease in the supply of

2 / 25

The quantity demanded (Qd) of a soft drink brand A has decreased. This could be because:

the price of A has increased

A’s consumers have had an increase in income

A’s advertising is not as effective as in the past

the price of rival brand B has increased

3 / 25

Which of the following is not a resource as the term is used by economists?

buildings

labour

land

money

4 / 25

Which of the following will NOT cause a shift in the demand curve for compact discs?

a change in income

a change in the price of compact discs

a change in the price of pre-recorded cassette tapes.

a change in wealth

5 / 25

If the demand for coffee decreases as income decreases, coffee is:

an inferior good

a substitute good

a complementary good

a normal good

6 / 25

Which of the following is consistent with the law of supply?

As the price of calculators rises, the quantity supplied of calculators decreases, ceteris paribus

As the price of calculators falls, the supply of calculators increases, ceteris paribus.

As the price of calculators rises, the supply of calculators increases, ceteris paribus.

As the price of calculators rises, the quantity supplied of calculators increases, ceteris paribus

7 / 25

Positive statements are:

statements in the affirmative

value judgments

good statements

verifiable or testable

8 / 25

Rational choice or rational decision-making involves:

weighing up m arginal costs and marginal benefits associated with a decision

weighing up total costs and total benefits associated with a decision

all of the above.

comparing the net benefit of a choice with the total net benefit foregone of all the alternatives combined

9 / 25

What lies is at the heart of the allocation of goods and services in a free-market economy?

Concerns of equity or equal distribution among individuals

The wishes of consumers in the market

The price mechanism.

The order or command of the ruling government or dictator

10 / 25

The concept of choice would become irrelevant if:

scarcity were eliminated

poverty were eliminated

we were dealing with a very simple, one-person economy

capital were eliminated

11 / 25

The concept of “interdependence of markets” can refer to the interdependence between:

goods and factor markets

goods markets

all of the above

two or more factor markets

12 / 25

The process by which resources are transformed into useful forms is:

allocation

consumption

production

capitalisation

13 / 25

Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are:

perfect substitutes

complements

substitutes

unrelated goods

14 / 25

What effect is working when the price of a good falls and consumers tend to buy it instead of other goods?

the substitution effect

the total price effect.

the ceteris paribus effect

the income effect.

15 / 25

Capital, as economists use the term:

refers to the process by which resources are transformed into useful forms

Refer to things that have already been produced that are in turn used to produce other goods and services

is money the firm raises from selling stock

is the money the fir m spends to hire resources

16 / 25

Periods of “less than full employment” of resources correspond to:

points on the ppf

points inside the ppf

points outside the ppf

either points inside or outside the ppf

17 / 25

The 'law of demand' implies that:

as prices rise, demand decreases

as prices rise, quantity demanded increases

as prices fall, quantity dem anded increases

as prices fall, demand increases

18 / 25

A graph showing all the combinations of goods and services that can be produced if all of society's resources are used efficiently is a:

supply curve

production possibility frontier

demand curve

circular-flow diagram

19 / 25

The former Soviet Union was an example of:

dictatorship

free-market/capitalism

a planned economy

a mixed economy

20 / 25

When there is excess demand in an unregulated market, there is a tendency for:

quantity supplied to decrease

price to rise

quantity demanded to increase

price to fall

21 / 25

Laborator y (or controlled) experiments cannot be performed in economics because:

of the difficulty of distinguishing between normative and positive statements

economics is a natural science

economics is a social science

of resource scarcity

22 / 25

The phrase 'ceteris paribus' is best expressed as:

there is no such thing as a free lunch

all else equal

scarcity is a fact of life

everything affects everything else

23 / 25

Opportunity cost, most broadly define, is:

a cost that cannot be avoided, regardless of what is done in the future

what we forgo, or give up, when we make a choice or a decision

the additional cost of buying an additional unit of a product

the additional cost of producing an additional unit of output

24 / 25

The PPF can be used to illustrate:

the distinction between micro and macroeconomics

all of the above

the principle of opportunity costs and increasing opportunity costs

efficient, infeasible and inefficient production combinations

25 / 25

Demand curves in P-Q space are derived while holding constant:

consumer tastes and the prices of other goods

incomes and tastes

incomes, tastes, and the price of the good

incomes, tastes, and the prices of other goods

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