ppsc past papers of lecturer Economics

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

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

The wishes of consumers in the market

Concerns of equity or equal distribution among individuals

The order or command of the ruling government or dictator

The price mechanism.

2 / 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 rises, the quantity supplied of calculators increases, ceteris paribus

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

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

3 / 25

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

a change in income

a change in wealth

a change in the price of compact discs

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

4 / 25

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

a normal good

a substitute good

a complementary good

an inferior good

5 / 25

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

all of the above

goods and factor markets

goods markets

two or more factor markets

6 / 25

Opportunity cost, most broadly define, is:

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

the additional cost of producing an additional unit of output

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

the additional cost of buying an additional unit of a product

7 / 25

The PPF can be used to illustrate:

all of the above

efficient, infeasible and inefficient production combinations

the distinction between micro and macroeconomics

the principle of opportunity costs and increasing opportunity costs

8 / 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

9 / 25

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

quantity demanded to increase

price to fall

quantity supplied to decrease

price to rise

10 / 25

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

consumption

allocation

capitalisation

production

11 / 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:

substitutes

unrelated goods

complements

perfect substitutes

12 / 25

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

land

money

buildings

labour

13 / 25

The 'law of demand' implies that:

as prices fall, demand increases

as prices rise, quantity demanded increases

as prices fall, quantity dem anded increases

as prices rise, demand decreases

14 / 25

Capital, as economists use the term:

is the money the fir m spends to hire resources

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

15 / 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

a decrease in the quantity supplied of

a decrease in the supply of

an increase in the supply of

16 / 25

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

either points inside or outside the ppf

points outside the ppf

points inside the ppf

points on the ppf

17 / 25

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

the total price effect.

the ceteris paribus effect

the substitution effect

the income effect.

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:

demand curve

supply curve

circular-flow diagram

production possibility frontier

19 / 25

Rational choice or rational decision-making involves:

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

all of the above.

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

weighing up total costs and total benefits associated with a decision

20 / 25

Positive statements are:

verifiable or testable

value judgments

statements in the affirmative

good statements

21 / 25

The concept of choice would become irrelevant if:

capital were eliminated

scarcity were eliminated

poverty were eliminated

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

22 / 25

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

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

the price of A has increased

A’s consumers have had an increase in income

the price of rival brand B has increased

23 / 25

The former Soviet Union was an example of:

a planned economy

free-market/capitalism

dictatorship

a mixed economy

24 / 25

The phrase 'ceteris paribus' is best expressed as:

scarcity is a fact of life

there is no such thing as a free lunch

all else equal

everything affects everything else

25 / 25

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

consumer tastes and the prices of other goods

incomes, tastes, and the price of the good

incomes, tastes, and the prices of other goods

incomes and tastes

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