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

To adjust from gross National Product to Net National Product

Question # 2

A profit maximizing firm will employ labour up to the point where.

Question # 3

Which does the government not control directly.

Question # 4

What does ceteris paribus mean.

Question # 5

If marginal product is below average product.

Question # 6

In a market system sellers act in ___ interest, but this leads to behaviors in ___ interest.

Question # 7

A profit maximizing firm in perfect competition produces where

Question # 8

If a few firms dominate an industry the market is known as.

Question # 9

An increase in costs will

Question # 10

If the exchange rate is above the equilibrium level.

Question # 11

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

Question # 12

An economy may operate outside the production possibility frontier it.

Question # 13

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

Question # 14

Investment is an out stable element of aggregate demand because is depends heavily on.

Question # 15

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

Question # 16

According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if

Question # 17

Revealed preference theory was presented by.

Question # 18

When marginal revenue equals marginal cost

Question # 19

A welfare less occurs in monopoly where

Question # 20

An increase income will

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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 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.
2 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
3 If the price elasticity is -0.3 this means.
A. Demand is upward sloping
B. Demand is price elastic
C. A price fall would increase revenue
D. Demand is price inelastic
4 An economy may operate outside the production possibility frontier it.
A. It is not utilizing its resources fully
B. It is being productively efficient
C. It is a maxed economy
D. It is trading with other economics
5 A demand switching policy could be.
A. Higher interest rates
B. Higher income tax
C. Traiffs
D. Reduced government spending
6 A fall in interest rates is likely to
A. Increase aggregate demand
B. Increase savings
C. Decrease consumption
D. Decrease exports
7 An increase in aggregate demand if aggregate supply is totally inelastic will.
A. Increase price but not output
B. Increase output but not price
C. Increase out put and price
D. Decrease output and price
8 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
9 Which of the following is not one of the basic economic questions.
A. What is produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth
10 A multinational busniess
A. Sells products abroad
B. Produces in more than one country
C. Imports from abroad
D. Sells only domestically

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