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

Acquisition and merger are examples of.

Question # 2

If inflationary expectations increase, the short run Phillip's curve will

Question # 3

The marginal revenue curve in monopoly

Question # 4

Why does it make sense in assume that people are rational, if you want to predict their behavior.

Question # 5

If there is a price floor there will be.

Question # 6

An economy may operate outside the production possibility frontier it.

Question # 7

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

Question # 8

Globalization is made more difficult by

Question # 9

All currencies other than the domestic currency of a given country are referred to as.

Question # 10

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

Question # 11

An independent assessment of the impact of firm's activities on society is called a.

Question # 12

According to the law of diminishing utility.

Question # 13

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

Question # 14

Which of the following is not a global organization?

Question # 15

Game theory

Question # 16

Demand for primary products is likely to be

Question # 17

If the fprice in a market is fixed by the government below equilibrium.

Question # 18

An increase in costs will

Question # 19

Human wants are

Question # 20

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

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

Here you can prepare PPSC Economics Chapter 1 (Basic Economics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 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
2 Economic theory assumes that people
A. Act in greedy and selfish ways, without regard for the welfare of others.
B. Act without regard for their own interests.
C. Are not motivated by self interest
D. Are motivated by self interest but still might be concerned for the welfare of others.
3 If injection are less than with drawls at the full employment level of national income there is.
A. an inflationary gap
B. Equilibrium
C. A deflationary gap
D. Hyperinflation
4 The public sector includes.
A. Investors owning companies
B. Government ownership of assets
C. Market forces of supply and demand
D. All trade via barter
5 If people are made unemployed because of a fall in aggregate demand this is known as.
A. Frictional unemployment
B. Seasonal unemployment
C. Cyclical unemployment
D. Structural unemployment
6 If there is a price floor there will be.
A. Shortages
B. Surpluses
C. Equilibrium
D. All of these
7 A significant increase in the government budget deficit is likely to.
A. Reduce injections into the economy
B. Reduce national income
C. Move the economy away from full employment
D. Boost aggregate demand
8 If firm earn normal profits.
A. They will aim to leave the industry
B. Other firms will join the industry
C. The revenue equals total costs
D. No profit is made in accounting terms
9 In the short run firm in perfect competition will still produce provided.
A. The price covers average variable cost
B. The price covers variable cost
C. The price covers average fixed cost
D. The price covers fixed cost
10 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

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