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

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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

A scarce good.

Question # 3

In a market system sellers act in ___ interest, but this leads to behaviors in ___ interest.

Question # 4

An increase in the wage rate.

Question # 5

The marginal propensity to consume is equal to.

Question # 6

Which kind economics deals with issues such as unemployment inflation, and economic growth.

Question # 7

Injection are

Question # 8

An injection of funds into a less developed country might set off the

Question # 9

In a recession, GDP.

Question # 10

Which of the following is a determinant of consumption.

Question # 11

An expansionist fiscal policy could include

Question # 12

According to the law of diminishing utility.

Question # 13

The accelerator theory of investment says that induced investments determined by.

Question # 14

Which of the following is a characteristic of pure monopoly.

Question # 15

Globalization is likely to increase with

Question # 16

Labour productivity measures.

Question # 17

Revealed preference theory was presented by.

Question # 18

If marginal product is below average product.

Question # 19

Which of the following is not one of the basic economic questions.

Question # 20

Which of the following is the government most likely to subsidies.

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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 A depreciation of currency occur when
A. The value of the currency falls
B. The value of the currency increases
C. Inflation falls
D. The balance of payments improves
2 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
3 What makes economics scientific.
A. It tests theories against observations and modifies the theories if needed.
B. It uses numbers to measure things
C. It involves the use of experiments
D. It is a description of how thing work
4 Can economic theories be tested.
A. No since individuals will seldom respond in predictable ways
B. Yes, since all individuals respond int he same ways to the same situation.
C. No , since the general behavior of a large numebr of individuals cannot be predicated
D. Yes , since people will, on average, respond in predictable ways to changes in costs and benefits.
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 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 Gross National product equals
A. Net National Product adjusted for inflation
B. Gross domestic product adjusted for inflation
C. Gross Domestic product plus net property income from abroad
D. Net National product plus net property income from abroad
8 Investment depend mainly on.
A. Past levels of income
B. Future expected profits
C. Present national income levels
D. Historic data
9 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.
10 Assuming a downward sloping demand curve and upward sloping supply curve a higher equilibrium price may be caused by.
A. An fall in demand
B. An increase in supply
C. Improvements in production technology
D. An increase in demand

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