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

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Question # 1

To reduce cyclical unemployment the government might.

Question # 2

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

Question # 3

The index used most often to measure inflation is the

Question # 4

Why is the law of diminishing marginal returns true.

Question # 5

Demand pull inflation may be caused by

Question # 6

An injection of funds into a less developed country might set off the

Question # 7

The profit per scale is a measure of.

Question # 8

Demand for primary products is likely to be

Question # 9

Total revenue equals

Question # 10

Demand for a normal product may shift outwards if.

Question # 11

If one car company takes over another car company this is an example of which type of integration.

Question # 12

If firms join together to set prices and quantities this is known as what.

Question # 13

If an economy is productively efficient.

Question # 14

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

Question # 15

In a less developed country.

Question # 16

In cartels.

Question # 17

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.

Question # 18

A public good

Question # 19

An increase in aggregate demand is more likely to lead to demand pull inflation if.

Question # 20

The bowed shape of the production possibilities curve illustrtres.

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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 a characteristic of pure monopoly.
A. one seller of the product
B. Low barriers to entry
C. Close substitute products
D. Perfect information
2 The average variable cost curve.
A. Is derived from the average fixed costs
B. Converges with the average cost as output increases
C. Equals revenue minum profits
D. Equal the total costs divided by the 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 length of a business cycle would be measured from
A. Peak t trough
B. Trough to peak
C. Peak to Peak
D. The slump to the expansion
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 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
7 In perfect competition.
A. the products firm offer are very similar
B. Products are heavily differentiated
C. A few firms dominate the market
D. Consumers have limited information
8 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
9 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
10 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.

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