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

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Question # 1

Price equal to.

Question # 2

Which is the most volatile component of aggregate demand.

Question # 3

In a less developed country.

Question # 4

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

Question # 5

Gross National product equals

Question # 6

Which of the following is the government most likely to subsidies.

Question # 7

If the fprice in a market is fixed by the government below equilibrium.

Question # 8

In cartels.

Question # 9

When marginal revenue equals marginal cost

Question # 10

Economists use the term marginal utility to mean.

Question # 11

A supply curve that starts at the origin has

Question # 12

Which of the following is an injection into the economy.

Question # 13

"Income inequality can be high in the free market and should be reduce ".This is an example of what.?

Question # 14

A scarce good.

Question # 15

In perfect price discrimination

Question # 16

In monopoly when abnormal profits are made.

Question # 17

If inflationary expectations increase, the short run Phillip's curve will

Question # 18

The sacrifice involved when you choose a particular course of action is called the

Question # 19

The first level of output at which the long run average costs are minimized is called.

Question # 20

A government might use tax to.

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 A profit maximizing firm will employ labour up to the point where.
A. Marginal revenue = Marginal product
B. Margial cost = Marginal product
C. Marginal revenue product = Average cost of labour
D. Marginal revenue product = Marginal cost of labour
2 Friend man's theory of consumption focuses on
A. Past income
B. Current income
C. Disposable income
D. Permanent income
3 Unfair competition does not include
A. Price cutting
B. predatory pricing
C. Cartels
D. Price fixing
4 In the short run firm in perfect competition will still produce provided.
A. The price covers average variable cost
B. The price covers variable cost
C. The price covers average fixed cost
D. The price covers fixed cost
5 Inflation.
A. Reduces the cost of living
B. Reduces the standard of living
C. Reduce the price of products
D. Reduces the purchasing power of a price
6 A multinational busniess
A. Sells products abroad
B. Produces in more than one country
C. Imports from abroad
D. Sells only domestically
7 Acquisition and merger are examples of.
A. Internal growth
B. External growth
C. Organic growth
D. Underlying growth
8 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
9 Which is the most volatile component of aggregate demand.
A. Net exports
B. Consumption
C. Investment
D. Government spending
10 In the long run in perfect competition
A. Price = average= cost = marginal cost
B. Price = average cost = total cost
C. The price covers fixed cost
D. total revenue = total variable cost

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