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

If there is a price celling there will be

Question # 2

Profit is measured by

Question # 3

Why is the law of diminishing marginal returns true.

Question # 4

If marginal utility is zero.

Question # 5

If the price elasticity is -0.3 this means.

Question # 6

If there is cyclical unemployment in the economy the government might.

Question # 7

Less Developed countries lend to have

Question # 8

The hypothesis that people know the true model of the economy and that they use this model and al available information to form their expectations of the future is the

Question # 9

Nationalization occurs when

Question # 10

Human wants are

Question # 11

If the fprice in a market is fixed by the government below equilibrium.

Question # 12

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

Question # 13

Free trade is based on the principle of

Question # 14

The resources in an economy are

Question # 15

Supply is likely to be more price elastic.

Question # 16

Market is called father of economics

Question # 17

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

Question # 18

To anticipate what the economy is going to do next the government will look at.

Question # 19

The price mechanism does not act as a

Question # 20

With a positive externality

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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 Supply is likely to be more price elastic.
A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries.
C. If there are very few producers
D. If it is easy to expand output
2 The Philips curve shows the relationship between inflation and what?
A. The balance of trade
B. The rate of growth in an economy
C. The rate of price increases
D. Un employment
3 The sacrifice involved when you choose a particular course of action is called the
A. Alterative
B. Opportunity cost
C. Consumer cost
D. Producer cost
4 Which of the following is an injection into the economy.
A. Investment
B. Saving
C. Taxation
D. Import spending
5 A fall in interest rates is likely to
A. Increase aggregate demand
B. Increase savings
C. Decrease consumption
D. Decrease exports
6 If there is a price celling there will be
A. Shortages
B. Surpluses
C. Equilibrium
D. None of these
7 In the long term a firm will produce provident the revenue covers.
A. Fixed costs
B. Variable cost
C. Total costs
D. Revenue
8 A public good will
A. Be underprovided in the free market
B. Be overprovided in the free market
C. Not be provided in the free market
D. Has no opportunity cost
9 In monopolistic competition firms profit maximize where
A. Marginal revenue = average revenue
B. Marginal revenue= Marginal cost
C. Marginal revenue= Average cost
D. Marginal revenue = Total cost
10 An increase in interest rates.
A. Is likely to reduce savings
B. Is likely to reduce the external value of the currency
C. Leads to a shift in the MEC schedule
D. Leads to a movement along the MEC schedule

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