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

If firm earn normal profits.

Question # 2

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

Question # 3

Profit making is basic motive in.

Question # 4

The marginal rate of tax paid is.

Question # 5

Scarcity means that

Question # 6

What lies is at the heart of the allocation of goods and services in a free market economy.

Question # 7

To be productively efficient a firm must produce where

Question # 8

If injection are less than with drawls at the full employment level of national income there is.

Question # 9

The public sector includes.

Question # 10

Economics is the study of.

Question # 11

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

Question # 12

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

Question # 13

Why does it make sense in assume that people are rational, if you want to predict their behavior.

Question # 14

If marginal utility is zero.

Question # 15

If the exchange rate is above the equilibrium level.

Question # 16

The bowed shape of the production possibilities curve illustrtres.

Question # 17

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 # 18

If a maximum price is set below equilibrium there will be.

Question # 19

In cartels.

Question # 20

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.

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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 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
2 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
3 Which of the following is not one of the four Ps in marketing.
A. Product
B. Price
C. Place
D. Presence
4 The marginal revenue curve in monopoly
A. Equals the demand curve
B. Is a parallel with the demand curve
C. Lies below and converges with the demand curve
D. Lies below and diverges from the demeaned curve
5 Which of the following is not a way of helping developing economics.
A. Aid
B. Loans
C. Protectionism of developed markets
D. Training and education programmes
6 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
7 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.
8 The economists who emphasized wage flexibility as a solution for unemployment were.
A. Monetarists
B. New keynesians
C. Classical economists
D. Keynesians
9 In the long run in perfect competition
A. Price = average= cost = marginal cost
B. Price = average cost = total cost
C. The price covers fixed cost
D. total revenue = total variable cost
10 The fundamental economic problem faced by all societies is.
A. Unemployment
B. Inequality
C. Poverty
D. Scarcity

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