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PPSC Economics Chapter 11 Assess Your Basics MCQs With Answers
Question # 1
Output fell sharply in the transition economies because.
Choose an answer
Banks were undoable to function
There was little corporate control
Vital infrastructure was missing
All of the above
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Question # 2
In the UK in recent years, union membership has ______ and days of work lost because of strikes has.
Choose an answer
Grown, declined
declined, declined
declined, grown
grown , grown
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Question # 3
The opportunity cost of a good is.
Choose an answer
The time lost in finding it
The quantity of other goods sacrificed to get another unit of that good
The expenditure on the good
The loss of interest in using savings
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Question # 4
Satellite television subscription and television detection devices are ways in which broadcasting companies address the _____ problem.
Choose an answer
Externality
Market imperfection
Deadweight burden
Free rider
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Question # 5
In an open economy leakages to imports ______ the value of the multiplier.
Choose an answer
Reduce
Increase
do not change
None of these
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Question # 6
Women and non whiles on average receive lower comes than white men because.
Choose an answer
They tend to work in relatively unskilled jobs
Educational disadvantage
Firms are reluctant to invest in training
All of the above
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Question # 7
Except for taxes to offset ___ taxes are.
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Imperfect competition , popular
Extremality's, distortionary
Inequality, a first best option
Poor health, unnecessary
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Question # 8
An upward shift in marginal cost ___________ output and an upward shift in _____ marginal revenue __ output.
Choose an answer
Reduce , reduce
Reduce , increase
Increased, increased
Increases, reduces
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Question # 9
The level of the equilibrium exchange rate offsets international difference in.
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Comparative advantage
Absolute advantage
Opportunity cost
Relative costs
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Question # 10
The primary function of a bank is to.
Choose an answer
Control the money supply
Provide notes and coins for trade
Make a profit
Provide a chequeen clearing system.
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Question # 11
If the MPC is 0.5 the multiplier is
Choose an answer
2
1/2
0.2
20
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Question # 12
All of the following are parts of the business cycle except.
Choose an answer
Boom
slump
Recovery
Acceleration
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Question # 13
The single European Act committed_ governments to a ___ in 1992
Choose an answer
European union, single market
Western European, single currency area
European union, single currency area
Western European, single market
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Question # 14
The extra utility from consuming one more unit of a good is called.
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Marginal utility
Additional utility
surplus utility
Bonus utility
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Question # 15
When investment is assumed to autonomous the slope of the AD schedule is determined by the.
Choose an answer
Marginal propensity to invest.
disposable income
Marginal propensity to consume
Average properisity to consume
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Question # 16
If the consumption of a good by one person does not reduce the quantity available by other and nobody cna be easily excluded from consumption, we are referring to a.
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Private good
Merit good
Public good
Abundant good
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Question # 17
If two firms doing the same thing in the same industry join together this is known as a.
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vertical merger
Horizontal merger
Conglomerate merger
Hostile takeover
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Question # 18
All of the following are type of monetary policy except
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A nominal money stock target
A balances budget
An inflation target
The pursuit of a target real interest rate
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Question # 19
A supply curve is directly affected by
Choose an answer
Technology
Input costs
Government regulation
All of the above
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Question # 20
The imposition of a tariff causes consumption to _______ and imports to.
Choose an answer
rise , rise
fall , rise
fall , fall
rise , fall
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Question # 21
If both Marginal cost and marginal revenue increase, a firm.
Choose an answer
Should increase output
Should reduce output
Will require further information on how to respond
should not change output
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