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

Finding a partner to work with abroad is called a.

Question # 2

To adjust GDP from market prices to factor cost.

Question # 3

The first level of output at which the long run average costs are minimized is called.

Question # 4

With a positive externality

Question # 5

In a market system sellers act in ___ interest, but this leads to behaviors in ___ interest.

Question # 6

An increase in aggregate demand is more likely to lead to demand pull inflation if.

Question # 7

A movement along the supply curve may be caused by

Question # 8

In economics, the term 'scarcity' refers to the fact that

Question # 9

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 # 10

If an increase in investment leads to a bigger increase in national income this is called the.

Question # 11

The difference between gross investment and net investment is.

Question # 12

If there is a price celling there will be

Question # 13

A movement along the demand curve may be caused by

Question # 14

If there is a price floor there will be.

Question # 15

Normal profit occurs when

Question # 16

In a recession

Question # 17

The best describes consumer surplus.

Question # 18

Which of the following is not involved with fiscal policy.

Question # 19

Laboratory experiments cannot be performed in economics because.

Question # 20

If there is a price celling which of the following is NOT likely to occur.

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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 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
A. Relational expectations hypothesis.
B. Active expectations hypothesis
C. Static expectations hypothesis
D. Adeptive expectations hypothesis
2 In monopoly when abnormal profits are made.
A. The prize set is greater than the marginal cost
B. The price is less than the average cost
C. The average revenue equals the marginal cost
D. Revenue wquals total cost
3 Which of the following is not a global organization?
A. IMF
B. World bank
C. Competition commission
D. WTO
4 A movement along the demand curve may be caused by
A. A change in income
B. A change en the number of buyers
C. A change in advertising
D. A shift in supply
5 The price mechanism cannot.
A. Act as a signal
B. Act as an incentive
C. Act as a rationing device
D. Shift the demand curve
6 Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.
A. Market prices
B. Sticky prices
C. Fixed prices
D. Regulatory prices
7 An increase in price all other things unchanged leads to.
A. A shift in supply out wards
B. A shift in supply in wards
C. A contraction of supply
D. An extension of supply
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 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
10 Investment depend mainly on.
A. Past levels of income
B. Future expected profits
C. Present national income levels
D. Historic data

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