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

  • Total Questions20

  • Time Allowed20

Start Test Download PDF

PPSC Economics Topic 1 Basic Economics

00:00
Question # 1

The concept of "Interdependence of markets" can refer to the interdependence between.

Question # 2

Which of the following is an injection into the economy.

Question # 3

In monopoly in long run equilibrium.

Question # 4

The length of a business cycle would be measured from

Question # 5

Which of the following best describes the selling of a production license to another firm.

Question # 6

Which of the following rights be a scarce good.

Question # 7

If input price adjusted very slowly to output prices, the Phillip's curve would be.

Question # 8

A cut in the tax rate designed to reduce the business investment is an example of.

Question # 9

Which kind economics deals with issues such as unemployment inflation, and economic growth.

Question # 10

Unfair competition does not include

Question # 11

Developing economies usually

Question # 12

If the price is less than the average cost but higher than the average variable costs.

Question # 13

To anticipate what the economy is going to do next the government will look at.

Question # 14

An increase in consumption at any given level of income is likely to lead to.

Question # 15

If demand is price inelastic.

Question # 16

Revealed preference theory was presented by.

Question # 17

Sales taxes are generally considered to be.

Question # 18

The hypothesis that people know the true model of the economy and that they use this model and al available information to form their expectations of the future is the

Question # 19

Government policies that focus on increasing production rather than demand are called.

Question # 20

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

Submit

Prepare Complete Set Wise PPSC Economics Topic 1 Basic Economics MCQs Online With Answers


Topic Test

00:00
Submit
 
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.

Start Chapter 1 Test

Top Scorers Of PPSC Economics Topic 1 Basic Economics MCQ`s Test

  • H
    HaRaL Official 25 - May - 2024 00 Min 10 Sec 20/20
  • S
    Shad Ali Shah 26 - Jul - 2024 10 Min 11 Sec 17/20
  • S
    sarmad fida 06 - Jun - 2024 06 Min 45 Sec 16/20
  • H
    Hassam Shahid 30 - Jun - 2024 07 Min 25 Sec 16/20
  • M
    M.Shakeel Arshid Waince 03 - May - 2024 06 Min 11 Sec 15/20
  • G
    graphic angel 27 - Jul - 2024 04 Min 13 Sec 14/20
  • S
    Sadia 13 - Jun - 2024 06 Min 49 Sec 14/20
  • A
    Abdul Qayyum 25 - May - 2024 07 Min 00 Sec 14/20
  • M
    Muhammad Sajjad 17 - Nov - 2024 12 Min 30 Sec 14/20
  • A
    Asifa Baloch 12 - Jul - 2024 00 Min 13 Sec 13/20
  • M
    Madiha Naz 23 - Apr - 2024 05 Min 41 Sec 13/20
  • I
    Imran Haider 06 - Jun - 2024 11 Min 32 Sec 13/20
  • R
    Rai Hasis 02 - Jun - 2024 04 Min 56 Sec 12/20
  • A
    Abdul latif 14 - May - 2024 07 Min 28 Sec 12/20
  • A
    Abida Awan 31 - Jul - 2024 08 Min 50 Sec 12/20

PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 A contraction in supply occurs when
A. Demand shifts out wards
B. The supply curve shifts inwards
C. The quantity supplied falls when the price falls
D. The supply curve shifts outwards
2 The length of a business cycle would be measured from
A. Peak t trough
B. Trough to peak
C. Peak to Peak
D. The slump to the expansion
3 The law of diminishing returns states that as more of a variable factor is added to a certain amount of a fixed factor beyond some point.
A. Total Physical product begins to fall
B. The marginal physical product rises
C. The marginal physical product falls
D. The average physical product falls.
4 Market is called father of economics
A. Marshall
B. Robbins
C. Keynes
D. Friedman
5 As income increases.
A. the average propensity to consume gets nearer in value to the marginal propensity to consume
B. the average propensity to consume diverges in value from the marginal propensity to consume
C. the average propensity to consume falls
D. The averge propensity to consume always approaches 0
6 According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if
A. The velocity of circulation decreases
B. The number of transactions decreases
C. There is deflation
D. The velocity of circulation and the number of transactions is constant
7 An increase in aggregate demand will have most effect on prices if.
A. Aggregate supply is price inelastic
B. Aggregate supply is price elastic
C. Aggregate supply has a unitary price elasticity
D. Aggregate demand is price inelastic
8 The free market involves
A. The free provision of products
B. The subsidizing of products by the government
C. Market forces of supply and demand
D. All trade via barter
9 For equilibrium in an open four sector economy
A. Actual injections = actual withdrawals
B. Planned injections = Planned withdrawals
C. Savings = investment
D. Government spending = tax revenue
10 Occupational immobility of labour occurs if.
A. People lack information
B. People do not want to work
C. People do not have the right skills to work
D. People cannot afford to move location

Test Questions