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

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

Question # 2

In the short term a firm will produce provided the revenue

Question # 3

If there is cyclical unemployment in the economy the government might.

Question # 4

Menu costs in relation to inflation refer to

Question # 5

In economics, the term 'scarcity' refers to the fact that

Question # 6

Why might a country resist globalization.

Question # 7

In a recession

Question # 8

In the long run in perfect competition

Question # 9

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

Question # 10

Why is the law of diminishing marginal returns true.

Question # 11

Increase un employment benefits and less incentive to work would.

Question # 12

If marginal utility is zero.

Question # 13

Market is called father of economics

Question # 14

An increase in price all other, things unchanged leads to.

Question # 15

All currencies other than the domestic currency of a given country are referred to as.

Question # 16

If there is a price celling which of the following is NOT likely to occur.

Question # 17

In cartels.

Question # 18

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

Question # 19

The public sector includes.

Question # 20

Japan's low interest rates in the mid 80's were due 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 If an increase in investment leads to a bigger increase in national income this is called the.
A. Accelerator
B. Aggregate demand
C. Monetarism
D. Multiplier
2 A demand switching policy could be.
A. Higher interest rates
B. Higher income tax
C. Traiffs
D. Reduced government spending
3 Developing economics usually have
A. Low GDP per captia
B. Low CPI
C. Large balance of payments surpluses
D. Large budget surpluses
4 An increase in costs will
A. Shift aggregate demand
B. Shift aggregate supply
C. Reduce the natural rate of unemployment
D. Increases the productivity of employees
5 The diamond water paradox can be explained by suggesting that the price of a product is determined by.
A. Consumer incomes
B. Its marginal utility
C. Consumer surplus
D. Diminishing marginal utility
6 The Philips curve shows the relationship between inflation and what?
A. The balance of trade
B. The rate of growth in an economy
C. The rate of price increases
D. Un employment
7 A benefit to consumers of price discrimination is that
A. Some products are produced that would not other wise be produced
B. Producer surplus increases
C. Consumer surplus decreases
D. Firms profits increase
8 The sacrifice involved when you choose a particular course of action is called the
A. Alterative
B. Opportunity cost
C. Consumer cost
D. Producer cost
9 An increase in price all other things unchanged leads to.
A. A shift in supply out wards
B. A shift in supply in wards
C. A contraction of supply
D. An extension of supply
10 Ordinal measurement approach was not presented by
A. Allen
B. Hicks
C. Edge worth
D. Robbins

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