PPSC Economics Topic 1 MCQS Test Preparation

PPSC Economics test is comprised of questions related to the economics subject and general knowledge questions. The PPSC test is, somehow, tough but candidates who prepare properly can easily cover the test. The test is comprised of 100 MCQs and candidates are required to get the maximum of marks to beat the set criteria and competition. In order to get excellent preparation in chapter I of the Economics subjects the team of Ilmkidunya has arranged PPSC online tests. On this page, the candidates can find the online test of chapter I. However, for other chapters’ tests, you will find separate sections and pages. The online test is comprised of 20 MCQs and candidates are offered 20 minutes to cover the test. In this way, candidates get the practice that how to cover the test within the given timeframe.

MCQ's Test For PPSC Economics Topic 1 Basic Economics

Try The MCQ's Test For PPSC Economics Topic 1 Basic Economics

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PPSC Economics Topic 1 Basic Economics

00:00
Question # 1

The Philips curve shows the relationship between inflation and what?

Question # 2

An increase in the costs of production will

Question # 3

Why might a country resist globalization.

Question # 4

According to classical models the level of employment is determined primarily by

Question # 5

Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from.

Question # 6

A profit maximizing firm in perfect competition produces where

Question # 7

There are three fundamental questions every society must answer Which of the following is one of these questions.

Question # 8

Sales taxes are generally considered to be.

Question # 9

With a positive externality

Question # 10

Nationalization occurs when

Question # 11

An increase in interest rates.

Question # 12

Barriers to entry do not include

Question # 13

An increase in price all other, things unchanged leads to.

Question # 14

A significant increase in the government budget deficit is likely to.

Question # 15

To adjust GDP from market prices to factor cost.

Question # 16

A model of game theory of oligopoly is known as the

Question # 17

To adjust from gross National Product to Net National Product

Question # 18

In the short run firm in perfect competition will still produce provided.

Question # 19

The standard of living is often measured by

Question # 20

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

Here you can prepare PPSC Economics Chapter 1 (Basic Economics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 In a recession, GDP.
A. Grows negatively
B. Grows by 0%
C. Grows slowly
D. Grows rapidly
2 If the price is less than the average cost but higher than the average variable costs.
A. The firm is making a loss and will should own in the short term.
B. The firm is making a profit.
C. The firm is making a loss but will continue to produce in the short term
D. The firm is making a loss and is making a negative contribution to fixed costs
3 An increase in the marginal propensity to consume will
A. Increase the size of the multiplier
B. Increase the marginal propensity to save
C. Decrease national income
D. Reduce injections into the economy
4 Scarcity means that
A. We cannot have everything that we might want
B. We have to make choices between the things we desire.
C. There are costs to just about any activity we undertake
D. We must give up some thing in order to obtain other things.
5 Which of the following best defines price discrimination.
A. Charging different prices on the basis of race
B. Charging different prices for goods with different costs of production
C. Charging different prices based on cost of service differences.
D. Selling a certain product of given quality and cost per unit at different prices to different buyers
6 Ordinal measurement approach was not presented by
A. Allen
B. Hicks
C. Edge worth
D. Robbins
7 The marginal rate of tax paid is.
A. The total tax paid /total income
B. Total income/total tax paid
C. Change in the tax paid/change in income
D. Change in income/change in tax paid
8 Less Developed countries lend to have
A. A high average age
B. A slow population growth rate
C. High life expectancy
D. A low literacy rate
9 An outward shift in the marginal efficacy of capital should.
A. Decrease consumption
B. Increase aggregate demand
C. Reduce aggregate supply
D. Slow economic growth
10 If there is cyclical unemployment in the economy the government might.
A. Increase interest rates
B. Encourage savings
C. Cut taxes
D. Reduce government spending

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