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

Total revenue equals

Question # 2

Globalization is made more difficult by

Question # 3

Increased levels of spending on imports

Question # 4

Economics given can be shown by

Question # 5

A multinational busniess

Question # 6

If the price was fixed below the equilibrium price there would be.

Question # 7

An economy may operate outside the production possibility frontier it.

Question # 8

Which of the following is not a macro economic issue.

Question # 9

Why might a country resist globalization.

Question # 10

Demand for primary products is likely to be

Question # 11

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

Question # 12

Human wants are

Question # 13

In a less developed country.

Question # 14

Less demand in the economy may increase unemployment this may lead to less spending which may reduce demand further This is called.

Question # 15

The bowed shape of the production possibilities curve illustrtres.

Question # 16

If the exchange rate is above the equilibrium level.

Question # 17

In the long run in perfect competition

Question # 18

The first level of output at which the long run average costs are minimized is called.

Question # 19

According to schumpater

Question # 20

Which of the following is not an argument for protectionism.

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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 A cut in the income tax rate designed to encourage household consumption is an example of.
A. Expansionary demand side policy
B. Contractionary demand side policy
C. Expansionary supply side policy
D. Contractionary supply side policy
2 Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from.
A. The household and government sectors
B. The household sector
C. All sectors except the rest of the world
D. All sectors including the rest of the world.
3 Horizontal integration may lead to internal economics of scale. Which of the following is not a type of internal economy of scale.
A. Purchasing
B. Technical
C. Financial
D. Safety
4 If the price was fixed below the equilibrium price there would be.
A. Excess supply
B. Excess demand
C. Equilibrium
D. Down ward pressure on prices
5 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.
6 If there is a price celling there will be
A. Shortages
B. Surpluses
C. Equilibrium
D. None of these
7 Assuming a downward sloping demand curve and upward sloping supply curve a higher equilibrium price may be caused by.
A. An fall in demand
B. An increase in supply
C. Improvements in production technology
D. An increase in demand
8 "Reducing inflation is a more important objective than economic growth" is an example of.
A. Normative economics
B. Positive economics
C. Objective economics
D. Reality economics
9 When marginal revenue equals marginal cost
A. Total revenue equal total cost
B. There is the biggest positive difference between total revenue and total cost
C. there is the biggest negative difference between total revenue and total cost.
D. Profits are zero
10 A reduction in the costs of production will
A. Lead to a movement along the supply curve
B. Shift the demand curve
C. Shift the supply curve
D. Lead to an extension of supply

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