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

Economists use the term marginal utility to mean.

Question # 2

When referring to economic growth we normally refer to.

Question # 3

To maximize sales revenue a firm should produce where

Question # 4

To be allocatively efficient ta firm must produce where

Question # 5

Which of the following is a normative statement in economics.

Question # 6

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

Question # 7

To reduce the supply of money the government could.

Question # 8

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

Question # 9

Any combination of products inside the production possibility frontier is

Question # 10

Which of the following is not a way of helping developing economics.

Question # 11

If product an inferior good.

Question # 12

Equilibrium in the market for good A obtains.

Question # 13

To prevent the external value of the currency from failing the government might

Question # 14

Acquisition and merger are examples of.

Question # 15

The length of a business cycle would be measured from

Question # 16

A shift in supply will have a bigger effect on price than output if demand is.

Question # 17

Which of the following is an injection into the economy.

Question # 18

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

Question # 19

Scarcity means that

Question # 20

An increase in investment is most likely to be caused by.

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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 Which of the following is not an obvious or direct determinant of a country's imports.
A. Real exchange rate
B. Income
C. Tariff rates
D. Interest rate
2 A mixed economy
A. Has supply but not demand
B. Has demand but not supply
C. Has supply and demant
D. Has market forces and government intervention
3 The marginal propensity to consume is equal to.
A. Total spending /total consumption
B. total consumption/total income
C. Change in consumption/change in income
D. Change in consumption/change in savings
4 A scarce good.
A. Does not exist
B. Is a good that can only be purchased with money
C. Is a good that can never be purchased with money
D. Is a good that is available in limited quantities, but is desired in greater quantities.
5 Which of the following best defines price discrimination.
A. Charging different prices on the basis of race
B. Charging different prices for goods with different costs of production
C. Charging different prices based on cost of service differences.
D. Selling a certain product of given quality and cost per unit at different prices to different buyers
6 What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.
A. Price falls, quantity rises
B. Price rises, quantity falls
C. Both price and quantity fall
D. Both price and quantity rise
7 In order to maximize profits a monopoly company will produce that quantity at which the.
A. Marginal revenue equals average total cost
B. Price equals marginal revenue
C. Marginal revenue equals marginal cost
D. total revenue equals total cost
8 In the long term a firm will produce provident the revenue covers.
A. Fixed costs
B. Variable cost
C. Total costs
D. Revenue
9 If a few firms dominate an industry the market is known as.
A. Monopolistic competition
B. Competitively monopolistic
C. Duopoly
D. Oligopoly
10 The Philips curve shows the relationship between inflation and what?
A. The balance of trade
B. The rate of growth in an economy
C. The rate of price increases
D. Un employment

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