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

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PPSC Economics Topic 1 Basic Economics

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Question # 1

An increase in costs will

Question # 2

Economics given can be shown by

Question # 3

Demand for labour is more likely to be wage inelastic if.

Question # 4

Which of the following is not a supply side measure.

Question # 5

If firm earn normal profits.

Question # 6

Equilibrium in the market for good A obtains.

Question # 7

The demand for a product would be more inelastic.

Question # 8

Market is called father of economics

Question # 9

Which of the following is necessary for a natural monopoly.

Question # 10

Demand pull inflation may be caused by

Question # 11

If marginal revenue equals marginal cost

Question # 12

The socially optimal rate of growth is

Question # 13

To adjust from gross National Product to Net National Product

Question # 14

Which of the following is not a way of helping developing economics.

Question # 15

Revealed preference theory was presented by.

Question # 16

An increase in demand for a product should.

Question # 17

Increase un employment benefits and less incentive to work would.

Question # 18

Which of the following is not an obvious or direct determinant of a country's imports.

Question # 19

The economists who emphasized wage flexibility as a solution for unemployment were.

Question # 20

In a free market the combination of products produced will be determined by.

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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 movement along the demand curve may be caused by
A. A change in income
B. A change en the number of buyers
C. A change in advertising
D. A shift in supply
2 Economists use the term utility to mean
A. The value of a product before it has been advertised
B. The satisfaction a consumer obtains from a good or service
C. any characteristic of a good or service which cannot be measured
D. The contribution a good or service makes to social welfare
3 Which of the following would decrease aggregate demand.
A. Increased consumption
B. Increasing export revenue
C. Increased taxation revenue
D. Increased investment
4 GDP plus net property income from aboard equals what.
A. GNP
B. NNP
C. Depreciation
D. Real GDP
5 The law of diminishing returns assumes.
A. There are not fixed factors of production
B. There are no variable factors of production
C. Utility is maximized when marginal product falls.
D. Some factors of production are fixed
6 The average variable cost curve.
A. Is derived from the average fixed costs
B. Converges with the average cost as output increases
C. Equals revenue minum profits
D. Equal the total costs divided by the output
7 Increased levels of spending on imports
A. shift aggregate supply to the right
B. Shift aggregate supply to the left
C. Shift aggregate demand to the right
D. Shift aggregate demand to the left
8 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
9 Game theory
A. Firm are assumed to act independently
B. Firms are assumed to cooperate with each other
C. Firm collude as part of a cartel
D. Firms consider the actions of others before deciding what to do.
10 Resources in an economy
A. Are always fixed
B. Can never decrease
C. Always increase over time
D. Are limited at any moment in time

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