PPSC Economics Topic 1 Basic Economics

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.

Top Scorers Of PPSC Economics Topic 1 Basic Economics MCQ`s Test

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HaRaL Official 25 - May - 2024 00 Min 10 Sec 20/20
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Shad Ali Shah 26 - Jul - 2024 10 Min 11 Sec 17/20
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sarmad fida 06 - Jun - 2024 06 Min 45 Sec 16/20
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Hassam Shahid 30 - Jun - 2024 07 Min 25 Sec 16/20
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Madiha Naz 23 - Apr - 2024 05 Min 41 Sec 13/20
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Abdul latif 14 - May - 2024 07 Min 28 Sec 12/20
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Abida Awan 31 - Jul - 2024 08 Min 50 Sec 12/20

PPSC Economics Chapter 1 Important MCQ's

Sr.#	Question	Answer
1	What makes economics scientific.	A. It tests theories against observations and modifies the theories if needed. B. It uses numbers to measure things C. It involves the use of experiments D. It is a description of how thing work
2	Occupational immobility of labour occurs if.	A. People lack information B. People do not want to work C. People do not have the right skills to work D. People cannot afford to move location
3	Which of the following best describes the selling of a production license to another firm.	A. Hands over all rights to its products B. Sells its products abroad C. Sells the right to produce to another business D. Sells the business to another business
4	Which of the following best defines price discrimination.	A. Charging different prices on the basis of race B. Charging different prices for goods with different costs of production C. Charging different prices based on cost of service differences. D. Selling a certain product of given quality and cost per unit at different prices to different buyers
5	According to schumpater	A. Monopolies are inefficient B. Monopoly profits act as an incentive for innovation C. Monopolies are allocatively efficient D. Monopolies are productively efficient
6	A profit maximizing firm will employ labour up to the point where.	A. Marginal revenue = Marginal product B. Margial cost = Marginal product C. Marginal revenue product = Average cost of labour D. Marginal revenue product = Marginal cost of labour
7	If an economy is productively efficient.	A. Everyone is wealthy B. Resources are unemployed C. More of one product can only be produced if less of another product is produced. D. The distribution of income is equal
8	A welfare less occurs in monopoly where	A. The price in greater than the marginal cost B. The price is greater than the marginal benefit C. The price is greater than the average revenue D. Has the right to investigate monopolies and will assess each one on its own mertis
9	To reduce the supply of money the government could.	A. Reduce interest rates B. Buy back government bonds C. Sell government bonds D. Encourage banks to lend
10	Game theory	A. Firm are assumed to act independently B. Firms are assumed to cooperate with each other C. Firm collude as part of a cartel D. Firms consider the actions of others before deciding what to do.

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