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

Japan's low interest rates in the mid 80's were due to.

Question # 2

To be allocatively efficient ta firm must produce where

Question # 3

An increase in consumption at any given level of income is likely to lead to.

Question # 4

In a Boom

Question # 5

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

Question # 6

A reflationary policy

Question # 7

Which of the following is not one of the four Ps in marketing.

Question # 8

In monopoly which of the following is true.

Question # 9

If there is a price celling there will be

Question # 10

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

Question # 11

The fundamental economic problem faced by all societies is.

Question # 12

Less Developed countries lend to have

Question # 13

If the marginal revenue is positive

Question # 14

Scarcity means that

Question # 15

Why is the law of diminishing marginal returns true.

Question # 16

Economic theory assumes that people

Question # 17

Equilibrium in the market for good A obtains.

Question # 18

Increased levels of spending on imports

Question # 19

Compared to the case of perfect competition, a monopolist is more likely to

Question # 20

A deflationary policy could include

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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 Which is the most volatile component of aggregate demand.
A. Net exports
B. Consumption
C. Investment
D. Government spending
2 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
3 The marginal rate of tax paid is.
A. The total tax paid /total income
B. Total income/total tax paid
C. Change in the tax paid/change in income
D. Change in income/change in tax paid
4 The bowed shape of the production possibilities curve illustrtres.
A. The law of increasing marginal cost
B. the production in inefficient
C. That production is inattainable
D. The demand is relatively inelastic
5 Demand for labour is more likely to be wage inelastic if.
A. Wages are a small proportion of total costs
B. Demand for the final product is price elastic
C. It is easy to replace labour
D. Capital is a good substitute forlabour
6 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
7 A scarce good.
A. Does not exist
B. Is a good that can only be purchased with money
C. Is a good that can never be purchased with money
D. Is a good that is available in limited quantities, but is desired in greater quantities.
8 Nationalization occurs when
A. The government bans a product
B. The government takes control of an industry
C. the government taxes a product to a raise the price.
D. The government taxes a product to a raise its price.
9 If marginal product is below average product.
A. The total product will fall
B. The average product will fall
C. Average variable costs will fall
D. Total revenue will fall
10 As income increases.
A. the average propensity to consume gets nearer in value to the marginal propensity to consume
B. the average propensity to consume diverges in value from the marginal propensity to consume
C. the average propensity to consume falls
D. The averge propensity to consume always approaches 0

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