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

00:00
Question # 1

In the short term a firm will produce provided the revenue

Question # 2

An increase in interest rates.

Question # 3

Developing economies usually

Question # 4

In monopoly which of the following is true.

Question # 5

The sacrifice involved when you choose a particular course of action is called the

Question # 6

Acquisition and merger are examples of.

Question # 7

Sales taxes are generally considered to be.

Question # 8

Profit is measured by

Question # 9

An increase in aggregate demand if aggregate supply is totally inelastic will.

Question # 10

The diamond water paradox can be explained by suggesting that the price of a product is determined by.

Question # 11

Rapid increases in the price level during periods of recession or high unemployment are known as.

Question # 12

The accelerator assumes.

Question # 13

A shift in supply will have a bigger effect on price than output if demand is.

Question # 14

In land intensive method which mean production is used comparativelymore

Question # 15

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.

Question # 16

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 # 17

According to classical models the level of employment is determined primarily by

Question # 18

A significant increase in the government budget deficit is likely to.

Question # 19

Demand pull inflation may be caused by

Question # 20

In pure monopoly what is the relation between the price and teh marginal revenue.

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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 In monopolistic competition firms profit maximize where
A. Marginal revenue = average revenue
B. Marginal revenue= Marginal cost
C. Marginal revenue= Average cost
D. Marginal revenue = Total cost
2 If the price was fixed below the equilibrium price there would be.
A. Excess supply
B. Excess demand
C. Equilibrium
D. Down ward pressure on prices
3 If marginal product is below average product.
A. The total product will fall
B. The average product will fall
C. Average variable costs will fall
D. Total revenue will fall
4 An increase in price all other, things unchanged leads to.
A. Shift demand outwards
B. Shift demand inward
C. A contraction of demand
D. An extension of demand
5 Can economic theories be tested.
A. No since individuals will seldom respond in predictable ways
B. Yes, since all individuals respond int he same ways to the same situation.
C. No , since the general behavior of a large numebr of individuals cannot be predicated
D. Yes , since people will, on average, respond in predictable ways to changes in costs and benefits.
6 Demand for labour is more likely to be wage inelastic if.
A. Wages are a small proportion of total costs
B. Demand for the final product is price elastic
C. It is easy to replace labour
D. Capital is a good substitute forlabour
7 Which of the following can the government not use directly to control the economy.
A. Pay rates within the privates sector
B. Pay rates in the public sector
C. Investment in education
D. Benefits available for the un employed and sick
8 If the "Regulated -market" price is below the equilibrium price.
A. The quantity demanded will be greater than quantity supplied
B. Demand will be les than supply
C. Quantity demanded will be less than quantity supplied
D. Quantity demanded will equal quantity supplied
9 If employees cannot accept a job because of the costs of moving this is known as.
A. Occupational immobility
B. Cyclical unemployment
C. Structural immobility
D. Geographical immobility
10 Over time the price of primary products tends to fall because.
A. Demand is income elastic
B. Supply is income elastic
C. Of outward shifts in supply
D. Demand is price elastic

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