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

In a recession, GDP.

Question # 2

A cut in the income tax rate designed to encourage household consumption is an example of.

Question # 3

In monopolistic competition firms profit maximize where

Question # 4

An increase in aggregate demand is more likely to lead to demand pull inflation if.

Question # 5

If marginal product is below average product.

Question # 6

An increase in aggregate demand if aggregate supply is totally inelastic will.

Question # 7

In economics, the term 'scarcity' refers to the fact that

Question # 8

The natural rate of unemployment is likely to tall if

Question # 9

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

Question # 10

If employees cannot accept a job because of the costs of moving this is known as.

Question # 11

When an economy first begins to frow more slowly.

Question # 12

If the economy grows the government's budget position will automatically

Question # 13

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

Question # 14

Companies in the private sector are owned by

Question # 15

The resources in an economy are

Question # 16

Capital, as economists use the term.

Question # 17

The best describes consumer surplus.

Question # 18

Which of the following is necessary for a natural monopoly.

Question # 19

Occupational immobility of labour occurs if.

Question # 20

In perfect price discrimination

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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 does the government not control directly.
A. Spending on health
B. spending on defense
C. Firm's investment decisions
D. spending on education
2 The length of a business cycle would be measured from
A. Peak t trough
B. Trough to peak
C. Peak to Peak
D. The slump to the expansion
3 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
4 Rapid increases in the price level during periods of recession or high unemployment are known as.
A. Slump
B. Stagnation
C. Stagflation
D. Inflation
5 Ordinal measurement approach was not presented by
A. Allen
B. Hicks
C. Edge worth
D. Robbins
6 The fundamental economic problem faced by all societies is.
A. Unemployment
B. Inequality
C. Poverty
D. Scarcity
7 The average variable cost curve.
A. Is derived from the average fixed costs
B. Converges with the average cost as output increases
C. Equals revenue minum profits
D. Equal the total costs divided by the output
8 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
9 Human wants are
A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time
10 For equilibrium in an open four sector economy
A. Actual injections = actual withdrawals
B. Planned injections = Planned withdrawals
C. Savings = investment
D. Government spending = tax revenue

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