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

Which of the following rights be a scarce good.

Question # 2

Which kind economics deals with issues such as unemployment inflation, and economic growth.

Question # 3

A higher GDP per capita may not mean that the quality of life has really improved because.

Question # 4

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

Question # 5

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

Question # 6

In monopolistic competition

Question # 7

Can economic theories be tested.

Question # 8

A subsidy paid to producers.

Question # 9

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

Question # 10

A fall in interest rates is likely to

Question # 11

If the marginal revenue is less than the marginal cost then to profit maximize a firm should.

Question # 12

The fundamental economic problem faced by all societies is.

Question # 13

If an economy is productively efficient.

Question # 14

Normal profit occurs when

Question # 15

The effects of inflation on the price competitiveness of a country's products may be offset by

Question # 16

Which of the following is a policy instrument .as opposed to a government objective.

Question # 17

The law of diminishing returns assumes.

Question # 18

In a Boom

Question # 19

When marginal revenue equals marginal cost

Question # 20

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.

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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 An increase in demand for a product should.
A. Increase equilibrium price and quantity.
B. Decrease equilibrium price and quantity.
C. Increase equilibrium price and decrease quantity.
D. Decrease equilibrium price and increase quantity.
2 An increase in price all other things unchanged leads to.
A. A shift in supply out wards
B. A shift in supply in wards
C. A contraction of supply
D. An extension of supply
3 An injection of funds into a less developed country might set off the
A. Multiplier
B. Marginal propensity to save
C. Average propensity to consume
D. The Laffer effect
4 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
5 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
6 If the marginal revenue is positive
A. Selling another unit will increase total revenue
B. Selling another unit will increase profits
C. Selling another unit will increase cost
D. Selling another unit will increase average revenue
7 The price mechanism cannot.
A. Act as a signal
B. Act as an incentive
C. Act as a rationing device
D. Shift the demand curve
8 Which of the following is true.
A. If the marginal cost is greater than the average cost the average cost fallls.
B. If the marginal cost is greater than the average cost the average cost increases.
C. If the marginal cost is positive total costs are maximized
D. If the marginal cost is negatives total costs increase at a decreasing rate if output increases
9 If the marginal revenue is less than the marginal cost then to profit maximize a firm should.
A. Reduce output
B. Increase output
C. Leave output where it is.
D. Increase costs
10 A recurring theme in economics is.
A. People have unlimited wants in the face of limited resources
B. There are unlimited resources
C. Our country is rich, we just don't realize it
D. People have limited wants in the face of limited resource.

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