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

Inflation.

Question # 2

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

Question # 3

In order to maximize profits a monopoly company will produce that quantity at which the.

Question # 4

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

Question # 5

To adjust from gross National Product to Net National Product

Question # 6

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

Question # 7

If an increase in investment leads to a bigger increase in national income this is called the.

Question # 8

Which of the following rights be a scarce good.

Question # 9

For perfectly competitive firm

Question # 10

The price mechanism cannot.

Question # 11

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

Question # 12

Economists use the term utility to mean

Question # 13

For equilibrium in an open four sector economy

Question # 14

If product an inferior good.

Question # 15

Less Developed countries lend to have

Question # 16

A reduction in the money supply is likely to

Question # 17

Economic theory assumes that people

Question # 18

If the price in a market is fixed by the government above equilibrium.

Question # 19

Developing economies usually

Question # 20

An independent assessment of the impact of firm's activities on society is called a.

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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 true.
A. If the marginal cost is greater than the average cost the average cost fallls.
B. If the marginal cost is greater than the average cost the average cost increases.
C. If the marginal cost is positive total costs are maximized
D. If the marginal cost is negatives total costs increase at a decreasing rate if output increases
2 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.
3 A government might use tax to.
A. Discourage consumption of positive externalities
B. Discourage consumption of public goods
C. Discourage consumption of merit goods
D. Discourage consumption of negative externalities
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 If there is cyclical unemployment in the economy the government might.
A. Increase interest rates
B. Encourage savings
C. Cut taxes
D. Reduce government spending
6 Human wants are
A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time
7 A model of game theory of oligopoly is known as the
A. Prisoner's dilemma
B. Monopoly cell
C. Jailhouse sentence
D. Jury box
8 According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if
A. The velocity of circulation decreases
B. The number of transactions decreases
C. There is deflation
D. The velocity of circulation and the number of transactions is constant
9 Which of the following rights be a scarce good.
A. Love
B. faith
C. Self control
D. All of above
10 If the price in a market is fixed by the government above equilibrium.
A. There is excess equilibrium
B. There is excess supply
C. There is excess demand
D. There is equilibrium

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