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

Compared to the case of perfect competition, a monopolist is more likely to

Question # 2

If inflationary expectations increase, the short run Phillip's curve will

Question # 3

In perfect competition.

Question # 4

A depreciation of currency occur when

Question # 5

In a command economy

Question # 6

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

Question # 7

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 # 8

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 # 9

Why might a country resist globalization.

Question # 10

Horizontal integration may lead to internal economics of scale. Which of the following is not a type of internal economy of scale.

Question # 11

The law of diminishing returns assumes.

Question # 12

If the fprice in a market is fixed by the government below equilibrium.

Question # 13

Laboratory experiments cannot be performed in economics because.

Question # 14

In pure monopoly what is the relation between the price and teh marginal revenue.

Question # 15

Occupational immobility of labour occurs if.

Question # 16

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

Question # 17

An increase in the price of a complement or produce.A would.

Question # 18

If employees cannot accept a job because of the costs of moving this is known as.

Question # 19

An increase in the wage rate.

Question # 20

Free trade is based on the principle of

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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 According to schumpater
A. Monopolies are inefficient
B. Monopoly profits act as an incentive for innovation
C. Monopolies are allocatively efficient
D. Monopolies are productively efficient
2 In cartels.
A. Firms complete against each other
B. Price wars are common
C. Firms use price to win market share from competitors
D. Firms collude
3 What does ceteris paribus mean.
A. "Scientific method"
B. "Rational thinking"
C. "Other things remaining the same"
D. "There is no such thing as a free lunc"
4 "Income inequality can be high in the free market and should be reduce ".This is an example of what.?
A. Judicial economic statement.
B. Positive economic statement
C. Formative economic statement
D. Normative economic statement
5 If the marginal revenue is less than the marginal cost then to profit maximize a firm should.
A. Reduce output
B. Increase output
C. Leave output where it is.
D. Increase costs
6 The best describes consumer surplus.
A. The price consumers are willing to pay for a unit
B. The cost of providing a unit.
C. The profits made by a firm
D. The difference the price a consumer pays for an item and the price he is willing to pay.
7 The resources in an economy are
A. Constantly increasing
B. Fixed at any moment
C. Constant decreasing
D. Able to be transferred easily between industries
8 Price equal to.
A. Total revenue -quantity
B. Total revenue/quantity sold
C. total quantity sold * quantity sold
D. Total revenue/total cost
9 In land intensive method which mean production is used comparativelymore
A. Labour
B. Land
C. Capital
D. Organization
10 Who advocates laissez fair.
A. Monetarists
B. Classical
C. Neo classical
D. Modern

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