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

A benefit to consumers of price discrimination is that

Question # 2

World trade has been increasing due to.

Question # 3

Which of the following is necessary for a natural monopoly.

Question # 4

If the exchange rate is above the equilibrium level.

Question # 5

In a Boom

Question # 6

In monopolistic competition firms profit maximize where

Question # 7

A fall in interest rates is likely to

Question # 8

For equilibrium in an open four sector economy

Question # 9

The Philips curve shows the relationship between inflation and what?

Question # 10

A profit maximizing firm will employ labour up to the point where.

Question # 11

The precautionary demand for money is

Question # 12

The price mechanism cannot.

Question # 13

A movement along the supply curve may be caused by

Question # 14

Occupational immobility of labour occurs if.

Question # 15

In monopolistic competition if firms are making abnormal profit other firms will enter and

Question # 16

Unfair competition does not include

Question # 17

In monopoly in long run equilibrium.

Question # 18

A public good will

Question # 19

The average variable cost curve.

Question # 20

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

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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 In a free market the combination of products produced will be determined by.
A. Market forces of supply and demand
B. The government
C. The law
D. The public sector
2 According to the law of diminishing utility.
A. Utility is at a maximum with the first unit
B. Increasing units of consumption increase the marginal utility
C. Marginal product will fall as more units are consumed
D. Total utility will rise at a falling rate as more units are consumed
3 The bowed shape of the production possibilities curve illustrtres.
A. The law of increasing marginal cost
B. the production in inefficient
C. That production is inattainable
D. The demand is relatively inelastic
4 Demand for primary products is likely to be
A. Very sensitive to price
B. Price elastic
C. Unit elastic
D. Income inelastic
5 If inflationary expectations increase, the short run Phillip's curve will
A. Become vertical
B. Become up warding sloping
C. Shift to the right
D. Shift to the left
6 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.
A. The higher price in market A
B. The higher price in market B
C. The same price in both markets
D. There are many sellers
7 With a positive externality
A. There is under consumption in the free market
B. There is over consumption in the free market
C. The government may tax to decrease production
D. Society could be made off if less was produced
8 In the long run in perfect competitiion
A. the price equals the total revenue
B. Firm are allocatively inefficient
C. Firms are productively efficient
D. the price equals total cost
9 Laboratory experiments cannot be performed in economics because.
A. Of resource scarcity
B. Economics is a natural science
C. Of the difficulty of distinguishing between normative and positive statements.
D. Economics is a social science
10 Why does it make sense in assume that people are rational, if you want to predict their behavior.
A. People are not guided by emotions when making decisions
B. People wheo act in the way that best gets them what they want will tend to repeat that behavior, and will tend to learn from mistakes that they do make
C. People never make mistakes, and tend to make the correct choices all of the time
D. People always logically figure out what to do.

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