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

An increase in consumption at any given level of income is likely to lead to.

Question # 2

Demand for labour is more likely to be wage inelastic if.

Question # 3

A scarce good.

Question # 4

For perfectly competitive firm

Question # 5

What makes economics scientific.

Question # 6

In a recession a government.

Question # 7

Who advocates laissez fair.

Question # 8

Demand pull inflation may be caused by

Question # 9

If input price adjusted very slowly to output prices, the Phillip's curve would be.

Question # 10

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

Question # 11

The law of demand states that.

Question # 12

An increase income will

Question # 13

The demand for a product would be more inelastic.

Question # 14

Labour productivity measures.

Question # 15

The best describes consumer surplus.

Question # 16

If people are made unemployed because of a fall in aggregate demand this is known as.

Question # 17

According to Keynes, the level of employment is determined by

Question # 18

In economics, the term 'scarcity' refers to the fact that

Question # 19

Open market operations occur when the government.

Question # 20

If labour productivity per week is 200 units and there are 5 employees what is the total output.

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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 In monopolistic competition if firms are making abnormal profit other firms will enter and
A. The marginal cost will shift outwards
B. the demand curve will shift inwards
C. The average cost will shift downwards
D. The average variable cost will increase
2 World trade has been increasing due to.
A. Increased tariffs
B. Increased legal barriers
C. Increased embargoes
D. Reduced protectionism
3 Firm in oligopoly are likely to.
A. Invest heavily in branding
B. Act independently of other firms
C. Try to differentiate its products
D. Try to be a price maker
4 There are three fundamental questions every society must answer Which of the following is one of these questions.
A. What goods and services are to be produced.
B. How are the good and services to be produced.
C. Who will get the goods and services what are produced.
D. All of the above
5 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.
6 An increase in productivity should.
A. Lead to a contraction of supply
B. Lead to an expansion of supply
C. Lead to a shift in supply outwards
D. Lead to higher equilibrium and lower equilibrium quantity.
7 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
8 In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals.
A. the average cost of labour
B. The marginal product
C. The marginal revenue
D. The total cost of labour
9 If injections are greater than withdrawals.
A. National income will increase
B. National income will decrease
C. National income will stay in equilibrium
D. Price will fall
10 When supply increases in an agricultural market famer's earnings might fall because.
A. Supply is price elastic
B. Demand is price inelastic
C. the government buys up all the excess production
D. All output must be sold at a maximum price

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