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

Which of the following is not an argument for protectionism.

Question # 2

The accelerator assumes.

Question # 3

Globalization is made more difficult by

Question # 4

Which of the following is a normative statement in economics.

Question # 5

In monopolistic competition if firms are making abnormal profit other firms will enter and

Question # 6

Firm in oligopoly are likely to.

Question # 7

If the price elasticity is -0.3 this means.

Question # 8

The marginal propensity to consume is equal to.

Question # 9

Free trade is based on the principle of

Question # 10

Inflation.

Question # 11

If an increase in investment leads to a bigger increase in national income this is called the.

Question # 12

If the price was fixed below the equilibrium price there would be.

Question # 13

Why might a country resist globalization.

Question # 14

According to Keynes, the level of employment is determined by

Question # 15

To be productively efficient a firm must produce where

Question # 16

An increase in demand for a product should.

Question # 17

If marginal revenue equals marginal cost

Question # 18

Economics growth can be seen by an outward shift of.

Question # 19

An increase in the costs of production will

Question # 20

Capital, as economists use the term.

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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 The accelerator assumes.
A. The marginal propensity to consume is constant
B. The economy is at full employment
C. There is a constant relationship between net investment and the rate of change of output
D. The multiplier is constant
2 In monopolistic competition
A. Demand is perfectly elastic
B. Products are homogeneous
C. Marginal revenue = pirce
D. The marginal revenue is below the demand curve and diverges
3 Who advocates laissez fair.
A. Monetarists
B. Classical
C. Neo classical
D. Modern
4 Investment depend mainly on.
A. Past levels of income
B. Future expected profits
C. Present national income levels
D. Historic data
5 In the short term a firm will produce provided the revenue
A. Covers fixed costs
B. Covers variable costs
C. Covers total costs
D. Covers revenue
6 Why does it make sense in assume that people are rational, if you want to predict their behavior.
A. People are not guided by emotions when making decisions
B. People wheo act in the way that best gets them what they want will tend to repeat that behavior, and will tend to learn from mistakes that they do make
C. People never make mistakes, and tend to make the correct choices all of the time
D. People always logically figure out what to do.
7 Which of the following is not an argument for protectionism.
A. To protect infant industries
B. To increase the level of imports
C. To protect strategic industries
D. To improve the balance of payments
8 When supply increases in an agricultural market famer's earnings might fall because.
A. Supply is price elastic
B. Demand is price inelastic
C. the government buys up all the excess production
D. All output must be sold at a maximum price
9 To reduce cyclical unemployment the government might.
A. Increase the budget surplus
B. Increase the balance of payments deficit
C. Reduce interest rates
D. Reduce government expenditure
10 In cartels.
A. Firms complete against each other
B. Price wars are common
C. Firms use price to win market share from competitors
D. Firms collude

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