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

Sales taxes are generally considered to be.

Question # 2

Which of the following rights be a scarce good.

Question # 3

The marginal propensity to consume is equal to.

Question # 4

Which of the following would increase aggregate demand.

Question # 5

An increase in aggregate demand will have most effect on prices if.

Question # 6

What does the phrases "there is no such thing as a free lunch'mean"

Question # 7

A reflationary policy

Question # 8

Which of the following is a determinant of consumption.

Question # 9

The average variable cost curve.

Question # 10

To adjust from gross National Product to Net National Product

Question # 11

According to classical models the level of employment is determined primarily by

Question # 12

Barriers to entry do not include

Question # 13

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

Question # 14

Which of the following best defines price discrimination.

Question # 15

Ordinal measurement approach was not presented by

Question # 16

In the short run firm in perfect competition will still produce provided.

Question # 17

Say's law states that

Question # 18

If firm earn normal profits.

Question # 19

In cartels.

Question # 20

If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge.

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

Here you can prepare PPSC Economics Chapter 1 (Basic Economics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 In economics, the term 'scarcity' refers to the fact that
A. Everything worthwhile costs money
B. No society is able to produce enough to fully satisfy the desires of people for goods.
C. Even in wealthy societies, like the united states, some people are poor
D. sometimes shortages of product result if its price is set too low.
2 The accelerator theory of investment says that induced investments determined by.
A. The rate of change of national income
B. Expectations
C. The level of national income
D. The level of aggregate demand
3 Laboratory experiments cannot be performed in economics because.
A. Of resource scarcity
B. Economics is a natural science
C. Of the difficulty of distinguishing between normative and positive statements.
D. Economics is a social science
4 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
5 An independent assessment of the impact of firm's activities on society is called a.
A. Financial audit
B. Balance sheet
C. Profit and uses account
D. Social audit
6 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
7 In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals.
A. the average cost of labour
B. The marginal product
C. The marginal revenue
D. The total cost of labour
8 A fall in interest rates is likely to
A. Increase aggregate demand
B. Increase savings
C. Decrease consumption
D. Decrease exports
9 A profit maximizing firm in perfect competition produces where
A. Total revenue is maximized
B. Marginal revenue equals zero
C. Marginal revenue equals marginal cost
D. Marginal revenue equals average cost
10 Investment is an out stable element of aggregate demand because is depends heavily on.
A. Government policy
B. Expectations
C. National income
D. Historic trends

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