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

The marginal Revenue product is.

Question # 2

Occupational immobility of labour occurs if.

Question # 3

To be allocatively efficient ta firm must produce where

Question # 4

To adjust GDP from market prices to factor cost.

Question # 5

The liquidity trap occurs when the demand for money

Question # 6

The goal of a pure market economy is to best meet the desires of.

Question # 7

The law of diminishing returns states that as more of a variable factor is added to a certain amount of a fixed factor beyond some point.

Question # 8

If a maximum price is set below equilibrium there will be.

Question # 9

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

Question # 10

The marginal revenue curve in monopoly

Question # 11

"Reducing inflation is a more important objective than economic growth" is an example of.

Question # 12

An increase in the marginal propensity to consume will

Question # 13

A recurring theme in economics is.

Question # 14

Firms in perfect competition face a

Question # 15

An increase in national income is.

Question # 16

Human wants are

Question # 17

Labour productivity measures.

Question # 18

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

Question # 19

The hypothesis that people know the true model of the economy and that they use this model and al available information to form their expectations of the future is the

Question # 20

Price equal 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 The average variable cost curve.
A. Is derived from the average fixed costs
B. Converges with the average cost as output increases
C. Equals revenue minum profits
D. Equal the total costs divided by the output
2 Who advocates laissez fair.
A. Monetarists
B. Classical
C. Neo classical
D. Modern
3 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
4 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
5 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.
6 In monopolistic competition if firms are making abnormal profit other firms will enter and
A. The marginal cost will shift outwards
B. the demand curve will shift inwards
C. The average cost will shift downwards
D. The average variable cost will increase
7 To reduce the supply of money the government could.
A. Reduce interest rates
B. Buy back government bonds
C. Sell government bonds
D. Encourage banks to lend
8 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
9 Demand for a normal product may shift outwards if.
A. Price decreases
B. The price fo a substitute falls
C. the price of a complement rises
D. Income falls
10 In perfect competition.
A. the products firm offer are very similar
B. Products are heavily differentiated
C. A few firms dominate the market
D. Consumers have limited information

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