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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M.Shakeel Arshid Waince 03 - May - 2024 06 Min 11 Sec 15/20
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graphic angel 27 - Jul - 2024 04 Min 13 Sec 14/20
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Sadia 13 - Jun - 2024 06 Min 49 Sec 14/20
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Abdul Qayyum 25 - May - 2024 07 Min 00 Sec 14/20
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Muhammad Sajjad 17 - Nov - 2024 12 Min 30 Sec 14/20
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Asifa Baloch 12 - Jul - 2024 00 Min 13 Sec 13/20
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Madiha Naz 23 - Apr - 2024 05 Min 41 Sec 13/20
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Imran Haider 06 - Jun - 2024 11 Min 32 Sec 13/20
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Rai Hasis 02 - Jun - 2024 04 Min 56 Sec 12/20
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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	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
2	If the price is less than the average cost but higher than the average variable costs.	A. The firm is making a loss and will should own in the short term. B. The firm is making a profit. C. The firm is making a loss but will continue to produce in the short term D. The firm is making a loss and is making a negative contribution to fixed costs
3	The socially optimal rate of growth is	A. Zero B. Negative C. Where the marginal social benefit the marginal social cost D. total social costs are minimized
4	"Income inequality can be high in the free market and should be reduce ".This is an example of what.?	A. Judicial economic statement. B. Positive economic statement C. Formative economic statement D. Normative economic statement
5	To adjust GDP from market prices to factor cost.	A. Add indirect taxes B. Subtract subsidies C. Deduct indirect taxes and subsides D. Deduct indirect taxes and add subsides
6	The agricultural price support program is an example of.	A. A price celling B. A price floor C. Equilibrium pricing D. None of these
7	Demand for primary products is likely to be	A. Very sensitive to price B. Price elastic C. Unit elastic D. Income inelastic
8	If the price elasticity is -0.3 this means.	A. Demand is upward sloping B. Demand is price elastic C. A price fall would increase revenue D. Demand is price inelastic
9	If the marginal revenue is less than the marginal cost then to profit maximize a firm should.	A. Reduce output B. Increase output C. Leave output where it is. D. Increase costs
10	An outward shift in the marginal efficacy of capital should.	A. Decrease consumption B. Increase aggregate demand C. Reduce aggregate supply D. Slow economic growth

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