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

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Question # 1

The socially optimal rate of growth is

Question # 2

In the short term a firm will produce provided the revenue

Question # 3

Total revenue equals

Question # 4

Scarcity means that

Question # 5

Human wants are

Question # 6

In pure monopoly what is the relation between the price and teh marginal revenue.

Question # 7

Which of the following would decrease aggregate demand.

Question # 8

Which of the following is not involved with fiscal policy.

Question # 9

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

Question # 10

A multinational busniess

Question # 11

The profit per scale is a measure of.

Question # 12

Which of the following is a normative statement in economics.

Question # 13

A scarce good.

Question # 14

Profit is measured by

Question # 15

Which of the following is necessary for a natural monopoly.

Question # 16

A public good will

Question # 17

A reflationary policy

Question # 18

Market is called father of economics

Question # 19

Which of the following is not one of the basic economic questions.

Question # 20

Equilibrium in the market for good A obtains.

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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 To be productively efficient a firm must produce where
A. Marginal costs are maximized
B. Marginal costs are minimized
C. Average costs are minimized
D. Average revenue is maximized
2 If firms join together to set prices and quantities this is known as what.
A. Interaction
B. Conglomerate
C. Collusion
D. Integration
3 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
4 Sales taxes are generally considered to be.
A. Proportional taxes
B. Regressive taxes
C. Progressive taxes
D. Indirect taxes
5 Capital, as economists use the term.
A. Is the money the firm spends to hire resources
B. Is money the firm raises from selling stock
C. Refers to the process by which resources are transformed into useful forms
D. Refers to things that have already been produced that are in turn used to produce other goods and services.
6 Which of the following is not a way of helping developing economics.
A. Aid
B. Loans
C. Protectionism of developed markets
D. Training and education programmes
7 If economics when we say that people are rational, we mean that they.
A. Never make mistakes
B. Try to get what they desire as best they can, given the limitations they face.
C. Logically figure out what to do
D. Behave in a random unpredictable manner
8 Can economic theories be tested.
A. No since individuals will seldom respond in predictable ways
B. Yes, since all individuals respond int he same ways to the same situation.
C. No , since the general behavior of a large numebr of individuals cannot be predicated
D. Yes , since people will, on average, respond in predictable ways to changes in costs and benefits.
9 Compared to the case of perfect competition, a monopolist is more likely to
A. Charge a higher price
B. Produce a lower quantity of the product
C. Make a greater amount of economic profit
D. All of the above
10 Gross National product equals
A. Net National Product adjusted for inflation
B. Gross domestic product adjusted for inflation
C. Gross Domestic product plus net property income from abroad
D. Net National product plus net property income from abroad

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