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

Total revenue equals

Question # 2

Which of the following best describes the selling of a production license to another firm.

Question # 3

To adjust from gross National Product to Net National Product

Question # 4

Laboratory experiments cannot be performed in economics because.

Question # 5

Improved training of employees would.

Question # 6

If one car company takes over another car company this is an example of which type of integration.

Question # 7

Developing economies usually

Question # 8

In order to maximize profits a monopoly company will produce that quantity at which the.

Question # 9

Economists use the term utility to mean

Question # 10

With a positive externality

Question # 11

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

Question # 12

Which of the following is the government most likely to subsidies.

Question # 13

Demand for a normal product may shift outwards if.

Question # 14

Globalization is made more difficult by

Question # 15

If an increase in investment leads to a bigger increase in national income this is called the.

Question # 16

The marginal rate of tax paid is.

Question # 17

Firms in perfect competition face a

Question # 18

Which of the following is a determinant of consumption.

Question # 19

Say's law states that

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 Which of the following is a characteristic of pure monopoly.
A. one seller of the product
B. Low barriers to entry
C. Close substitute products
D. Perfect information
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 An increase in aggregate demand is more likely to lead to demand pull inflation if.
A. Aggregate supply is perfectly elastic
B. Aggregate supply is perfectly inelastic
C. Aggregate supply is unit elastic
D. Aggregate supply is relatively elastic
4 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
5 Which of the following rights be a scarce good.
A. Love
B. faith
C. Self control
D. All of above
6 If product an inferior good.
A. Demand is inversely related to income
B. Demand is inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes
7 The effects of inflation on the price competitiveness of a country's products may be offset by
A. An appreciation of the currency
B. A revaluation of the currency
C. A depreciation of the currency
D. Lower inflation abroad
8 In perfect competation.
A. The price equals the marginal revenue
B. The price equals the average variable cost
C. The fixed cost equals the variable costs
D. The price equals the total costs
9 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
10 Which of the following is not involved with fiscal policy.
A. Income tax
B. National insurance
C. VAT
D. Interest rates

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