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

To be allocatively efficient ta firm must produce where

Question # 2

Globalization is made more difficult by

Question # 3

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

Question # 4

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

Question # 5

The Philips curve shows the relationship between inflation and what?

Question # 6

To reduce the supply of money the government could.

Question # 7

A movement along the demand curve may be caused by

Question # 8

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.

Question # 9

According to schumpater

Question # 10

The standard of living is often measured by

Question # 11

In the long run in perfect competition

Question # 12

Horizontal integration may lead to internal economics of scale. Which of the following is not a type of internal economy of scale.

Question # 13

Economic growth can be measured by

Question # 14

The law of diminishing returns states that as more of a variable factor is added to a certain amount of a fixed factor beyond some point.

Question # 15

A model of game theory of oligopoly is known as the

Question # 16

If one car company takes over another car company this is an example of which type of integration.

Question # 17

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

Question # 18

Acquisition and merger are examples of.

Question # 19

A profit maximizing firm in perfect competition produces where

Question # 20

A public good

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

Here you can prepare PPSC Economics Chapter 1 (Basic Economics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 In a Boom
A. Surpluses are likely to occur
B. Prices are likely to fall
C. supply will increase immediately to match demand
D. Shortages may occur
2 A reflationary policy
A. Increases aggregate supply
B. Increases aggregate demand
C. Decreases the price level
D. Increase full employment
3 Injection are
A. Assumed to be exogenous
B. Assumed to be a function of national income
C. Decrease aggregate demand
D. Decrease the investment into an economy
4 Gross National product equals
A. Net National Product adjusted for inflation
B. Gross domestic product adjusted for inflation
C. Gross Domestic product plus net property income from abroad
D. Net National product plus net property income from abroad
5 In the long run in perfect competition
A. Price = average= cost = marginal cost
B. Price = average cost = total cost
C. The price covers fixed cost
D. total revenue = total variable cost
6 Demand for labour is more likely to be wage inelastic if.
A. Wages are a small proportion of total costs
B. Demand for the final product is price elastic
C. It is easy to replace labour
D. Capital is a good substitute forlabour
7 The standard of living is often measured by
A. Real GDP per capita
B. Real GDP
C. Real GDP * Population
D. Real GDP Plus depreciation
8 In perfect competation.
A. The price equals the marginal revenue
B. The price equals the average variable cost
C. The fixed cost equals the variable costs
D. The price equals the total costs
9 If the price was fixed below the equilibrium price there would be.
A. Excess supply
B. Excess demand
C. Equilibrium
D. Down ward pressure on prices
10 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

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