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

00:00
Question # 1

What does ceteris paribus mean.

Question # 2

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

Question # 3

Effective branding will tend to make

Question # 4

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

Question # 5

Profit is measured by

Question # 6

Lower interest rates are likely to.

Question # 7

Economists use the term utility to mean

Question # 8

Government policies that focus on increasing production rather than demand are called.

Question # 9

Economics growth can be seen by an outward shift of.

Question # 10

A demand switching policy could be.

Question # 11

Increase un employment benefits and less incentive to work would.

Question # 12

Which of the following would decrease aggregate demand.

Question # 13

An increase in costs will

Question # 14

An increase in productivity should.

Question # 15

The marginal propensity to consume is equal to.

Question # 16

The demand for a product would be more inelastic.

Question # 17

Sales taxes are generally considered to be.

Question # 18

Which of the following is necessary for a natural monopoly.

Question # 19

Revealed preference theory was presented by.

Question # 20

The difference between gross investment and net investment 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 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.
2 Which of the following is a normative statement in economics.
A. More spending by the government reduces poverty
B. Higher taxes lead to less desire to work
C. the UK Economy is growing fast relative to other European Union members
D. The Government should concentrate on reducing unemployment
3 If the economy grows the government's budget position will automatically
A. Worsen
B. Improve
C. Stay the same
D. Increase with inflaction
4 When an economy first begins to frow more slowly.
A. GDP increase
B. Inflation is likely to increase
C. Stock levels are likely to increse
D. Investment in equipment is likely to increase
5 A mixed economy
A. Has supply but not demand
B. Has demand but not supply
C. Has supply and demant
D. Has market forces and government intervention
6 According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if
A. The velocity of circulation decreases
B. The number of transactions decreases
C. There is deflation
D. The velocity of circulation and the number of transactions is constant
7 When supply increases in an agricultural market famer's earnings might fall because.
A. Supply is price elastic
B. Demand is price inelastic
C. the government buys up all the excess production
D. All output must be sold at a maximum price
8 To maximize sales revenue a firm should produce where
A. Marginal cost is zero
B. Marginal revenue is maximized
C. Marginal revenue is zero
D. Marginal revenue equals marginal cost
9 The bowed shape of the production possibilities curve illustrtres.
A. The law of increasing marginal cost
B. the production in inefficient
C. That production is inattainable
D. The demand is relatively inelastic
10 Which of the following is not one of the basic economic questions.
A. What is produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth

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