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

A reduction in the money supply is likely to

Question # 2

A profit maximizing firm will employ labour up to the point where.

Question # 3

When supply increases in an agricultural market famer's earnings might fall because.

Question # 4

An increase in interest rates.

Question # 5

A movement along the demand curve may be caused by

Question # 6

An increase in aggregate demand will have most effect on prices if.

Question # 7

A scarce good.

Question # 8

Economic growth can be measured by

Question # 9

A cut in the tax rate designed to reduce the business investment is an example of.

Question # 10

Which of the following is not a supply side measure.

Question # 11

In perfect price discrimination

Question # 12

If firm earn normal profits.

Question # 13

A subsidy paid to producers.

Question # 14

The price mechanism does not act as a

Question # 15

If economics when we say that people are rational, we mean that they.

Question # 16

Menu costs in relation to inflation refer to

Question # 17

If the marginal revenue is less than the marginal cost then to profit maximize a firm should.

Question # 18

If the "Regulated -market" price is below the equilibrium price.

Question # 19

Supply is likely to be more price elastic.

Question # 20

What does the phrases "there is no such thing as a free lunch'mean"

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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 Labour productivity measures.
A. The output per worker
B. The output per machine
C. Total output
D. Marginal output
2 Effective branding will tend to make
A. Demand mover price inelastic
B. Supply more price inelastic
C. Demand more income elastic
D. Supply more income elastic
3 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
4 Which of the following is true.
A. If the marginal cost is greater than the average cost the average cost fallls.
B. If the marginal cost is greater than the average cost the average cost increases.
C. If the marginal cost is positive total costs are maximized
D. If the marginal cost is negatives total costs increase at a decreasing rate if output increases
5 Which of the following rights be a scarce good.
A. Love
B. faith
C. Self control
D. All of above
6 Firm in oligopoly are likely to.
A. Invest heavily in branding
B. Act independently of other firms
C. Try to differentiate its products
D. Try to be a price maker
7 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
8 In economics, the term 'scarcity' refers to the fact that
A. Everything worthwhile costs money
B. No society is able to produce enough to fully satisfy the desires of people for goods.
C. Even in wealthy societies, like the united states, some people are poor
D. sometimes shortages of product result if its price is set too low.
9 A depreciation of currency occur when
A. The value of the currency falls
B. The value of the currency increases
C. Inflation falls
D. The balance of payments improves
10 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

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