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PPSC FPSC Lecturer Economics Online Test 42 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 42
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. 42

1 / 25

When industrial countries fall into a recession developing countries:

see rising demand

are severely affected

are barely affected

help them recover

2 / 25

Ig the aggregate supply curve is horizontal it means that:

firms cannot increase output

firms will increase output at the current price

firms will increase output if prices fall

firms will increase output only if prices rise

3 / 25

Classical economists did not assume that:

Say's law held

money supply determined output

all unemployment was voluntary

prices were flexible

4 / 25

The existence of bottlenecks in some industries while there is still some unemployment in the economy causes the Keynesian aggregate supply curve to:

be shaped like a backward

have upward sloping segment

be horizontal

be vertical

5 / 25

According to the classical school unemployment was responsive to changes in:

money wages

M/P

6 / 25

The Great Depression reached its low point in:

1929

1935

1933

1930

7 / 25

According to classical quantity theory, the aggregate demand and aggregate supply curves slope:

downward and horizontally

downward and vertically

downward and upward

vertically and upward

8 / 25

If you conclude higher prices automatically lowers your standard of living you may be committing the:

ceteris paribus fallacy

fallacy of composition

fallacy of inflation

false-cause fallacy

9 / 25

Full employment in a situation where:

entire population is working

no one is employed

number of unemployment equals the number of job vacancies

no one is involuntarily unemployed

10 / 25

People who would rely on a gold standard rather than allowing government to control the printing of money are concerned about the problem of:

inflation

recession

too little money in the economy

running out of gold

11 / 25

According to the simple quantity theorists changes in the money supply will only affect:

the real sector

relative prices in the economy

resources utilization by businesses

the general price level

12 / 25

During periods of rapid inflation it is likely that:

use of fixed wage labor contracts will be rising

the money supply will be falling

interest rates will be falling

velocity will be rising

13 / 25

In the simple quantity theory of money real GDP is fixed in the short run:

due to the stability of spending habits of the public

because of stability of banking system

because of government control on the economy

by the amount and productivity of resources

14 / 25

According to Say's law:

All of the above

interest rate keeps investment and savings equal

supply creates demand

15 / 25

An increase in the money supply in the classical quantity theory cases the:

aggregate supply curve to shift to the left proportionately

aggregate supply curve to shift to the right proportionately

aggregate demand curve to shift to the left proportionately

aggregate demand curve to shift to the right proportionately

16 / 25

At the natural rate of unemployment:

the employment rate will be zero

unemployment rate will tend to decrease

inflation rate will remain steady

inflation rate will be zero

17 / 25

The equation of exchange is written:

MP = QV

MQ = PV

MQ = GDP

MV = PQ

18 / 25

The German hyperinflation of the early 1920s was caused by:

reduction in amount of gold

German labor movement seeking higher wages

powerful German industries

excessive expansion of the German money supply

19 / 25

Which would be most likely to gain from a higher that incepted inflation rate?

a debtor

a creditor

a retired worker

a government employee

20 / 25

In the classical world, you could always get a job if you:

worked in an industry that was recession proof

had a good education

would accept a lower wage

had employment in the manufacturing sector

21 / 25

If real GDP is $2,000 billion, the GDP deflator is 120 and the money supply is $50 billion then velocity equals:

0.21

0.25

4.8

3.33

22 / 25

In a recession, classical economists advocated a expansion of the money supply:

doing nothing

expansion of government spending

contraction of government spending

contraction of the money supply

23 / 25

Actual total savings equals actual investment:

only at equilibrium interest rate

only at the equilibrium price level

whenever say's law holds

always

24 / 25

Classical economics is based upon each of the following principles except:

demand creates supply

Say's law

price flexibility

simple quantity theory of money

25 / 25

According to the Classical School which of the following is affected by the quantity of money?

total employment

foreign trade

price level

real interest rates

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