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

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 # 2

In economics we ofthe say that a particular event will occur "as long as other things stay the same. " The conduction that other thing saty the same is also called.

Question # 3

In a less developed country.

Question # 4

When supply increases in an agricultural market famer's earnings might fall because.

Question # 5

In perfect price discrimination

Question # 6

To be productively efficient a firm must produce where

Question # 7

To anticipate what the economy is going to do next the government will look at.

Question # 8

If the economy grows the government's budget position will automatically

Question # 9

Globalization is likely to increase with

Question # 10

A public good will

Question # 11

Injection are

Question # 12

"Income inequality can be high in the free market and should be reduce ".This is an example of what.?

Question # 13

According to schumpater

Question # 14

A subsidy paid to producers.

Question # 15

If there is a price floor there will be.

Question # 16

Economics growth can be seen by an outward shift of.

Question # 17

According to Keynes, the level of employment is determined by

Question # 18

In the short term a firm will produce provided the revenue

Question # 19

Assuming a downward sloping demand curve and upward sloping supply curve a higher equilibrium price may be caused by.

Question # 20

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

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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 If the exchange rate is above the equilibrium level.
A. There is excess demand and teh exchange rate will fall
B. There is excess supply and the exchange rate will fall
C. There is excess demand and the exchange rate will rise
D. There is excess supply and the exchange rate will rise
2 Why is the law of diminishing marginal returns true.
A. specialization and division of labor
B. Spreading the average fixed cost
C. Limited capital
D. All factors being variable in the long run
3 In perfect price discrimination
A. Consumer surplus is maximized
B. Produce surplus is zero
C. Community surplus is maximized
D. Consumer surplus is zero
4 What lies is at the heart of the allocation of goods and services in a free market economy.
A. Concerns of equity or equal distribution among individuals.
B. The order or command of the ruling government or dictator
C. The wishes of consumers in the market
D. The price mechanism
5 Supply is likely to be more price elastic.
A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries.
C. If there are very few producers
D. If it is easy to expand output
6 A profit maximizing firm will employ labour up to the point where.
A. Marginal revenue = Marginal product
B. Margial cost = Marginal product
C. Marginal revenue product = Average cost of labour
D. Marginal revenue product = Marginal cost of labour
7 Which of the following rights be a scarce good.
A. Love
B. faith
C. Self control
D. All of above
8 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"
9 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
10 To reduce cyclical unemployment the government might.
A. Increase the budget surplus
B. Increase the balance of payments deficit
C. Reduce interest rates
D. Reduce government expenditure

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