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

The public sector includes.

Question # 2

Price equal to.

Question # 3

Market is called father of economics

Question # 4

Which of the following is not a global organization?

Question # 5

The resources in the economy do not include.

Question # 6

Developing economics usually have

Question # 7

An increase in price all other things unchanged leads to.

Question # 8

Scarcity means that

Question # 9

As income increases.

Question # 10

If there is a price celling there will be

Question # 11

Rapid increases in the price level during periods of recession or high unemployment are known as.

Question # 12

Profit making is basic motive in.

Question # 13

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

Question # 14

To adjust GDP from market prices to factor cost.

Question # 15

A public good

Question # 16

If the economy grows the government's budget position will automatically

Question # 17

The socially optimal rate of growth is

Question # 18

Finding a partner to work with abroad is called a.

Question # 19

Which of the following is not involved with fiscal policy.

Question # 20

The price mechanism does not act as a

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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 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
2 Increase un employment benefits and less incentive to work would.
A. Shift aggregate supply to the right
B. Shift aggregate supply to the left
C. Shift aggregate demand to the right
D. Shift aggregate demand to the left
3 The standard of living is often measured by
A. Real GDP per capita
B. Real GDP
C. Real GDP * Population
D. Real GDP Plus depreciation
4 "Income inequality can be high in the free market and should be reduce ".This is an example of what.?
A. Judicial economic statement.
B. Positive economic statement
C. Formative economic statement
D. Normative economic statement
5 An increase in aggregate demand is more likely to lead to demand pull inflation if.
A. Aggregate supply is perfectly elastic
B. Aggregate supply is perfectly inelastic
C. Aggregate supply is unit elastic
D. Aggregate supply is relatively elastic
6 A welfare less occurs in monopoly where
A. The price in greater than the marginal cost
B. The price is greater than the marginal benefit
C. The price is greater than the average revenue
D. Has the right to investigate monopolies and will assess each one on its own mertis
7 A reflationary policy
A. Increases aggregate supply
B. Increases aggregate demand
C. Decreases the price level
D. Increase full employment
8 If input price adjusted very slowly to output prices, the Phillip's curve would be.
A. Downward sloping
B. Vertical or nearly vertical
C. Upward sloping
D. Horizontal or nearly horizontal
9 Economic theory assumes that people
A. Act in greedy and selfish ways, without regard for the welfare of others.
B. Act without regard for their own interests.
C. Are not motivated by self interest
D. Are motivated by self interest but still might be concerned for the welfare of others.
10 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

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