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

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

Question # 2

Companies in the private sector are owned by

Question # 3

The public sector includes.

Question # 4

To reduce the supply of money the government could.

Question # 5

In monopoly when abnormal profits are made.

Question # 6

In the short run firm in perfect competition will still produce provided.

Question # 7

Less Developed countries lend to have

Question # 8

The first level of output at which the long run average costs are minimized is called.

Question # 9

GDP plus net property income from aboard equals what.

Question # 10

Which of the following would decrease aggregate demand.

Question # 11

If there is a price celling which of the following is NOT likely to occur.

Question # 12

Which of the following can the government not use directly to control the economy.

Question # 13

If an economy is productively efficient.

Question # 14

Barriers to entry do not include

Question # 15

In a command economy

Question # 16

If marginal product is below average product.

Question # 17

The economists who emphasized wage flexibility as a solution for unemployment were.

Question # 18

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

Question # 19

In monopoly which of the following is true.

Question # 20

What does ceteris paribus mean.

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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 Price equal to.
A. Total revenue -quantity
B. Total revenue/quantity sold
C. total quantity sold * quantity sold
D. Total revenue/total cost
2 Why might a country resist globalization.
A. Greater choice of final products
B. Greater choice of supplies
C. Greater competition for domestic firms
D. More markets to sell to
3 Which of the following rights be a scarce good.
A. Love
B. faith
C. Self control
D. All of above
4 If an economy is productively efficient.
A. Everyone is wealthy
B. Resources are unemployed
C. More of one product can only be produced if less of another product is produced.
D. The distribution of income is equal
5 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
6 Occupational immobility of labour occurs if.
A. People lack information
B. People do not want to work
C. People do not have the right skills to work
D. People cannot afford to move location
7 The standard of living is often measured by
A. Real GDP per capita
B. Real GDP
C. Real GDP * Population
D. Real GDP Plus depreciation
8 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
9 Capital, as economists use the term.
A. Is the money the firm spends to hire resources
B. Is money the firm raises from selling stock
C. Refers to the process by which resources are transformed into useful forms
D. Refers to things that have already been produced that are in turn used to produce other goods and services.
10 Scarcity means that
A. We cannot have everything that we might want
B. We have to make choices between the things we desire.
C. There are costs to just about any activity we undertake
D. We must give up some thing in order to obtain other things.

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