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

A study of how increase in the minimum wage rate will effect the national unemployment rate is an example of.

Question # 2

The concept of "Interdependence of markets" can refer to the interdependence between.

Question # 3

A welfare less occurs in monopoly where

Question # 4

When supply increases in an agricultural market famer's earnings might fall because.

Question # 5

Economics growth can be seen by an outward shift of.

Question # 6

Scarcity means that

Question # 7

Companies in the private sector are owned by

Question # 8

Which of the following can the government not use directly to control the economy.

Question # 9

To be allocatively efficient ta firm must produce where

Question # 10

If the price in a market is fixed by the government above equilibrium.

Question # 11

A scarce good.

Question # 12

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

Question # 13

Which of the following best describes the selling of a production license to another firm.

Question # 14

Developing economies usually

Question # 15

If there is a price celling there will be

Question # 16

Over time the price of primary products tends to fall because.

Question # 17

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.

Question # 18

If the exchange rate is above the equilibrium level.

Question # 19

As the MPS increases, the multiplier will

Question # 20

When an economy first begins to frow more slowly.

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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 To be productively efficient a firm must produce where
A. Marginal costs are maximized
B. Marginal costs are minimized
C. Average costs are minimized
D. Average revenue is maximized
2 The resources in an economy are
A. Constantly increasing
B. Fixed at any moment
C. Constant decreasing
D. Able to be transferred easily between industries
3 If the exchange rate is above the equilibrium level.
A. There is excess demand and teh exchange rate will fall
B. There is excess supply and the exchange rate will fall
C. There is excess demand and the exchange rate will rise
D. There is excess supply and the exchange rate will rise
4 The economists who emphasized wage flexibility as a solution for unemployment were.
A. Monetarists
B. New keynesians
C. Classical economists
D. Keynesians
5 If the "Regulated -market" price is below the equilibrium price.
A. The quantity demanded will be greater than quantity supplied
B. Demand will be les than supply
C. Quantity demanded will be less than quantity supplied
D. Quantity demanded will equal quantity supplied
6 A multinational busniess
A. Sells products abroad
B. Produces in more than one country
C. Imports from abroad
D. Sells only domestically
7 A recurring theme in economics is.
A. People have unlimited wants in the face of limited resources
B. There are unlimited resources
C. Our country is rich, we just don't realize it
D. People have limited wants in the face of limited resource.
8 Which of the following is true.
A. If the marginal cost is greater than the average cost the average cost fallls.
B. If the marginal cost is greater than the average cost the average cost increases.
C. If the marginal cost is positive total costs are maximized
D. If the marginal cost is negatives total costs increase at a decreasing rate if output increases
9 Which of the following is not a way of helping developing economics.
A. Aid
B. Loans
C. Protectionism of developed markets
D. Training and education programmes
10 If a maximum price is set below equilibrium there will be.
A. A price fall
B. A price increase
C. Excess supply
D. Excess demand

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