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

The marginal propensity to consume in a less Developed Country is likely to be.

Question # 2

In perfect competition.

Question # 3

When referring to economic growth we normally refer to.

Question # 4

Which of the following is not involved with fiscal policy.

Question # 5

If firms join together to set prices and quantities this is known as what.

Question # 6

Scarcity means that

Question # 7

If marginal product is below average product.

Question # 8

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

Question # 9

Human wants are

Question # 10

Capital, as economists use the term.

Question # 11

Less demand in the economy may increase unemployment this may lead to less spending which may reduce demand further This is called.

Question # 12

An increase in the wage rate.

Question # 13

If injection are less than with drawls at the full employment level of national income there is.

Question # 14

A reduction in the costs of production will

Question # 15

Developing economies usually

Question # 16

In the short run firm in perfect competition will still produce provided.

Question # 17

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

Question # 18

To reduce cyclical unemployment the government might.

Question # 19

"Reducing inflation is a more important objective than economic growth" is an example of.

Question # 20

Investment is an out stable element of aggregate demand because is depends heavily on.

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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 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
2 Menu costs in relation to inflation refer to
A. Costs of finding better rates of return
B. Costs of altering price lists
C. Costs of money increasing its value
D. Costs of revaluing the currency
3 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
4 Increase un employment benefits and less incentive to work would.
A. Shift aggregate supply to the right
B. Shift aggregate supply to the left
C. Shift aggregate demand to the right
D. Shift aggregate demand to the left
5 An increase in demand for a product should.
A. Increase equilibrium price and quantity.
B. Decrease equilibrium price and quantity.
C. Increase equilibrium price and decrease quantity.
D. Decrease equilibrium price and increase quantity.
6 Scarcity means that
A. We cannot have everything that we might want
B. We have to make choices between the things we desire.
C. There are costs to just about any activity we undertake
D. We must give up some thing in order to obtain other things.
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 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
9 Equilibrium in the market for good A obtains.
A. When there is no surplus or shortage prevailing in the market
B. Where the demand and supply curves for A intersect
C. When all of what is produced of A is consumed
D. All of the above
10 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

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