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 monopolistic competition if firms are making abnormal profit other firms will enter and

Question # 2

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

Question # 3

Japan's low interest rates in the mid 80's were due to.

Question # 4

To reduce cyclical unemployment the government might.

Question # 5

The length of a business cycle would be measured from

Question # 6

If demand increase in a market this will usually lead to.

Question # 7

If marginal utility is zero.

Question # 8

In a recession

Question # 9

The fundamental economic problem faced by all societies is.

Question # 10

A demand switching policy could be.

Question # 11

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

Question # 12

A public good will

Question # 13

If an economy is productively efficient.

Question # 14

A model of game theory of oligopoly is known as the

Question # 15

Which of the following can the government not use directly to control the economy.

Question # 16

The Philips curve shows the relationship between inflation and what?

Question # 17

Injection are

Question # 18

The resources in the economy do not include.

Question # 19

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

Question # 20

A reduction in the costs of production will

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

Here you can prepare PPSC Economics Chapter 1 (Basic Economics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 If the "Regulated -market" price is below the equilibrium price.
A. The quantity demanded will be greater than quantity supplied
B. Demand will be les than supply
C. Quantity demanded will be less than quantity supplied
D. Quantity demanded will equal quantity supplied
2 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
3 The fundamental economic problem faced by all societies is.
A. Unemployment
B. Inequality
C. Poverty
D. Scarcity
4 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
5 The resources in an economy are
A. Constantly increasing
B. Fixed at any moment
C. Constant decreasing
D. Able to be transferred easily between industries
6 Why might a country resist globalization.
A. Greater choice of final products
B. Greater choice of supplies
C. Greater competition for domestic firms
D. More markets to sell to
7 A higher GDP per capita may not mean that the quality of life has really improved because.
A. It measures wealth not income
B. It measures Gross Domestic product
C. It does not measure the quality of the items produced
D. it is only measured every five years
8 Which of the following is a determinant of consumption.
A. Expectations about future prices
B. Level of indebtedness of consumers
C. The price level
D. All of the above
9 In the long term a firm will produce provident the revenue covers.
A. Fixed costs
B. Variable cost
C. Total costs
D. Revenue
10 An increase in aggregate demand is more likely to lead to demand pull inflation if.
A. Aggregate supply is perfectly elastic
B. Aggregate supply is perfectly inelastic
C. Aggregate supply is unit elastic
D. Aggregate supply is relatively elastic

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