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

If input price adjusted very slowly to output prices, the Phillip's curve would be.

Question # 2

In land intensive method which mean production is used comparativelymore

Question # 3

If firm earn normal profits.

Question # 4

A reflationary policy

Question # 5

In the short term a firm will produce provided the revenue

Question # 6

Which of the following is not a macro economic issue.

Question # 7

Game theory

Question # 8

Compared to the case of perfect competition, a monopolist is more likely to

Question # 9

A scarce good.

Question # 10

Increased levels of spending on imports

Question # 11

If demand is price inelastic.

Question # 12

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

Question # 13

Increase un employment benefits and less incentive to work would.

Question # 14

A fall in interest rates is likely to

Question # 15

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

Question # 16

Developing economics usually have

Question # 17

To adjust from gross National Product to Net National Product

Question # 18

If firms join together to set prices and quantities this is known as what.

Question # 19

Exchange rates that are determined by the unregulated forces of supply and demand are.

Question # 20

The socially optimal rate of growth is

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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 In the short run firm in perfect competition will still produce provided.
A. The price covers average variable cost
B. The price covers variable cost
C. The price covers average fixed cost
D. The price covers fixed cost
2 In a free market the combination of products produced will be determined by.
A. Market forces of supply and demand
B. The government
C. The law
D. The public sector
3 What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.
A. Price falls, quantity rises
B. Price rises, quantity falls
C. Both price and quantity fall
D. Both price and quantity rise
4 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.
5 If demand increase in a market this will usually lead to.
A. A higher equilibrium price and output
B. a lower equilibrium price and higher output
C. A lower equilibrium price and output.
D. A higher equilibrium price and lower output
6 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.
7 If injections are greater than withdrawals.
A. National income will increase
B. National income will decrease
C. National income will stay in equilibrium
D. Price will fall
8 Open market operations occur when the government.
A. Reduces the interest rate
B. Buys and sells bonds and securities
C. Increases taxation
D. Increases the exchange rate
9 If one car company takes over another car company this is an example of which type of integration.
A. Vertical
B. Horizontal
C. Conglomerate
D. Literal
10 In the short term a firm will produce provided the revenue
A. Covers fixed costs
B. Covers variable costs
C. Covers total costs
D. Covers revenue

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