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

00:00
Question # 1

"Income inequality can be high in the free market and should be reduce ".This is an example of what.?

Question # 2

Occupational immobility of labour occurs if.

Question # 3

Which of the following is not likely to be a government objective.

Question # 4

Supply is likely to be more price elastic.

Question # 5

Which of the following is a possible government objective as opposed to a policy.

Question # 6

World trade has been increasing due to.

Question # 7

If the marginal revenue is positive

Question # 8

A higher GDP per capita may not mean that the quality of life has really improved because.

Question # 9

The best describes consumer surplus.

Question # 10

Macro economics deals with

Question # 11

In a command economy

Question # 12

Who advocates laissez fair.

Question # 13

The resources in the economy do not include.

Question # 14

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

Question # 15

Why does it make sense in assume that people are rational, if you want to predict their behavior.

Question # 16

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

Question # 17

Which of the following is necessary for a natural monopoly.

Question # 18

A reduction in the money supply is likely to

Question # 19

With a positive externality

Question # 20

If the exchange rate is above the equilibrium level.

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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 A benefit to consumers of price discrimination is that
A. Some products are produced that would not other wise be produced
B. Producer surplus increases
C. Consumer surplus decreases
D. Firms profits increase
2 The first level of output at which the long run average costs are minimized is called.
A. The minimum Efficient Scale
B. The minimum External scale
C. The Maximum External scale
D. The maximum Effective scale.
3 Say's law states that
A. Supply creates its own demand
B. Demand creates its own supply
C. There is no such things as a free lunch
D. Macro economics policy activism is essential to ensure full employment.
4 Demand pull inflation may be caused by
A. An increase in costs
B. A reduction in interest rate
C. A reduction in government spending
D. An outward shift in aggregate supply
5 An increase in the marginal propensity to consume will
A. Increase the size of the multiplier
B. Increase the marginal propensity to save
C. Decrease national income
D. Reduce injections into the economy
6 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.
7 The length of a business cycle would be measured from
A. Peak t trough
B. Trough to peak
C. Peak to Peak
D. The slump to the expansion
8 The precautionary demand for money is
A. An idle balance
B. An active balance
C. Directly related to interest rates
D. Inversely related to income
9 Earning from primary products are often unstable because.
A. Demand is price elastic
B. Supply is price elastic
C. Supply conditions are relatively stable
D. Supply conditions are unstable
10 In monopolistic competition if firms are making abnormal profit other firms will enter and
A. The marginal cost will shift outwards
B. the demand curve will shift inwards
C. The average cost will shift downwards
D. The average variable cost will increase

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