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

Globalization is made more difficult by

Question # 2

A reflationary policy

Question # 3

The marginal rate of tax paid is.

Question # 4

If the exchange rate is above the equilibrium level.

Question # 5

A mixed economy

Question # 6

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

Question # 7

If economics when we say that people are rational, we mean that they.

Question # 8

If firm earn normal profits.

Question # 9

Macro economics deals with

Question # 10

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

Question # 11

Which of the following best defines price discrimination.

Question # 12

A benefit to consumers of price discrimination is that

Question # 13

Firm in oligopoly are likely to.

Question # 14

If the price elasticity is -0.3 this means.

Question # 15

Economic theory assumes that people

Question # 16

According to Keynes, the level of employment is determined by

Question # 17

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

Question # 18

In monopoly in long run equilibrium.

Question # 19

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 # 20

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

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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 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 In order to maximize profits a monopoly company will produce that quantity at which the.
A. Marginal revenue equals average total cost
B. Price equals marginal revenue
C. Marginal revenue equals marginal cost
D. total revenue equals total cost
3 Economics growth can be seen by an outward shift of.
A. The production possibility frontier
B. The gross domestic barrier
C. The marginal consumption frontier
D. The Minimum Efficient scale
4 In economics, the term 'scarcity' refers to the fact that
A. Everything worthwhile costs money
B. No society is able to produce enough to fully satisfy the desires of people for goods.
C. Even in wealthy societies, like the united states, some people are poor
D. sometimes shortages of product result if its price is set too low.
5 An expansionist fiscal policy could include
A. Lower interest rates
B. Increased lending by the banks
C. An increase in corporation tax
D. An increase in discretionary government spending
6 To adjust from gross National Product to Net National Product
A. Deduct deprecation
B. Deduct indirect taxes
C. Deduct subsidies
D. Add inflation
7 A public good
A. Is provided by the government
B. Is free
C. Has the properties of being non excludable and non diminishable
D. Has external costs
8 If labour productivity per week is 200 units and there are 5 employees what is the total output.
A. 40 units
B. 195 units
C. 1000 units
D. 200 units
9 In a command economy
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it.
D. The public sector is large
10 In monopoly in long run equilibrium.
A. The firm is productively effieient
B. The firm is allocatively inefficient
C. The firm produces where marginal cost is less than marginal revenue
D. The firm produces at the sociality optimal level

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