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

Companies in the private sector are owned by

Question # 2

Globalization is likely to increase with

Question # 3

If the marginal revenue is positive

Question # 4

To reduce the supply of money the government could.

Question # 5

If economics when we say that people are rational, we mean that they.

Question # 6

World trade has been increasing due to.

Question # 7

Which of the following best defines price discrimination.

Question # 8

A cut in the tax rate designed to reduce the business investment is an example of.

Question # 9

A higher GDP per capita may not mean that the quality of life has really improved because.

Question # 10

What does ceteris paribus mean.

Question # 11

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

Question # 12

A profit maximizing firm will employ labour up to the point where.

Question # 13

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.

Question # 14

If people are made unemployed because of a fall in aggregate demand this is known as.

Question # 15

A profit maximizing firm in perfect competition produces where

Question # 16

Market is called father of economics

Question # 17

In monopolistic competition if firms are making abnormal profit other firms will enter and

Question # 18

Less demand in the economy may increase unemployment this may lead to less spending which may reduce demand further This is called.

Question # 19

Which of the following is a normative statement in economics.

Question # 20

Compared to the case of perfect competition, a monopolist is more likely 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 Human wants are
A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time
2 Open market operations occur when the government.
A. Reduces the interest rate
B. Buys and sells bonds and securities
C. Increases taxation
D. Increases the exchange rate
3 An increase in demand for a product should.
A. Increase equilibrium price and quantity.
B. Decrease equilibrium price and quantity.
C. Increase equilibrium price and decrease quantity.
D. Decrease equilibrium price and increase quantity.
4 Which of the following is not one of the basic economic questions.
A. What is produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth
5 With a positive externality
A. There is under consumption in the free market
B. There is over consumption in the free market
C. The government may tax to decrease production
D. Society could be made off if less was produced
6 Which of the following is a determinant of consumption.
A. Expectations about future prices
B. Level of indebtedness of consumers
C. The price level
D. All of the above
7 In the long run in perfect competition
A. Price = average= cost = marginal cost
B. Price = average cost = total cost
C. The price covers fixed cost
D. total revenue = total variable cost
8 Free trade is based on the principle of
A. Comparative advantage
B. Comparative scale
C. Economics of advantage
D. Production possibility advantage
9 If people are made unemployed because of a fall in aggregate demand this is known as.
A. Frictional unemployment
B. Seasonal unemployment
C. Cyclical unemployment
D. Structural unemployment
10 A fall in interest rates is likely to
A. Increase aggregate demand
B. Increase savings
C. Decrease consumption
D. Decrease exports

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