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

00:00
Question # 1

Which of the following is not a way of helping developing economics.

Question # 2

The demand for a product would be more inelastic.

Question # 3

Which of the following would increase aggregate demand.

Question # 4

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

Question # 5

Laboratory experiments cannot be performed in economics because.

Question # 6

Profit making is basic motive in.

Question # 7

If marginal product is below average product.

Question # 8

Friend man's theory of consumption focuses on

Question # 9

A reflationary policy

Question # 10

Less demand in the economy may increase unemployment this may lead to less spending which may reduce demand further This is called.

Question # 11

A study of how increase in the minimum wage rate will effect the national unemployment rate is an example of.

Question # 12

To prevent the external value of the currency from failing the government might

Question # 13

The law of diminishing returns states that as more of a variable factor is added to a certain amount of a fixed factor beyond some point.

Question # 14

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

Question # 15

The price mechanism cannot.

Question # 16

In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals.

Question # 17

In perfect competition.

Question # 18

An increase in investment is most likely to be caused by.

Question # 19

If the exchange rate is above the equilibrium level.

Question # 20

An increase in the costs of production will

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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 Exchange rates that are determined by the unregulated forces of supply and demand are.
A. Floating exchange rates
B. Pegged exchange rates
C. Fixed exchange rate
D. Managed exchange rates
2 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
3 Horizontal integration may lead to internal economics of scale. Which of the following is not a type of internal economy of scale.
A. Purchasing
B. Technical
C. Financial
D. Safety
4 The Philips curve shows the relationship between inflation and what?
A. The balance of trade
B. The rate of growth in an economy
C. The rate of price increases
D. Un employment
5 If input price adjusted very slowly to output prices, the Phillip's curve would be.
A. Downward sloping
B. Vertical or nearly vertical
C. Upward sloping
D. Horizontal or nearly horizontal
6 GDP plus net property income from aboard equals what.
A. GNP
B. NNP
C. Depreciation
D. Real GDP
7 Demand for primary products is likely to be
A. Very sensitive to price
B. Price elastic
C. Unit elastic
D. Income inelastic
8 An increase in investment is most likely to be caused by.
A. Lower interest rates
B. Lower national income
C. A decreasing the marginal propensity to consume
D. An increase in with drywalls.
9 Normal profit occurs when
A. Average revenue equals average variable cost
B. Marginal revenue equals marginal cost
C. Average revenue equals marginal cost
D. Average revenue equals average cost
10 In monopoly when abnormal profits are made.
A. The prize set is greater than the marginal cost
B. The price is less than the average cost
C. The average revenue equals the marginal cost
D. Revenue wquals total cost

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