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 diamond water paradox can be explained by suggesting that the price of a product is determined by.

Question # 2

Which of the following is true.

Question # 3

Which of the following best defines price discrimination.

Question # 4

If the marginal revenue is positive

Question # 5

Laboratory experiments cannot be performed in economics because.

Question # 6

Investment depend mainly on.

Question # 7

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

Question # 8

If firm earn normal profits.

Question # 9

If there is a price celling there will be

Question # 10

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

Question # 11

A subsidy paid to producers.

Question # 12

A demand switching policy could be.

Question # 13

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

Question # 14

To be productively efficient a firm must produce where

Question # 15

For perfectly competitive firm

Question # 16

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 # 17

Which of the following is a characteristic of pure monopoly.

Question # 18

As income increases.

Question # 19

Earning from primary products are often unstable because.

Question # 20

Increased levels of spending on imports

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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 contraction in supply occurs when
A. Demand shifts out wards
B. The supply curve shifts inwards
C. The quantity supplied falls when the price falls
D. The supply curve shifts outwards
2 The agricultural price support program is an example of.
A. A price celling
B. A price floor
C. Equilibrium pricing
D. None of these
3 Assuming a downward sloping demand curve and upward sloping supply curve a higher equilibrium price may be caused by.
A. An fall in demand
B. An increase in supply
C. Improvements in production technology
D. An increase in demand
4 If demand increase in a market this will usually lead to.
A. A higher equilibrium price and output
B. a lower equilibrium price and higher output
C. A lower equilibrium price and output.
D. A higher equilibrium price and lower output
5 Which of the following best defines price discrimination.
A. Charging different prices on the basis of race
B. Charging different prices for goods with different costs of production
C. Charging different prices based on cost of service differences.
D. Selling a certain product of given quality and cost per unit at different prices to different buyers
6 In pure monopoly what is the relation between the price and teh marginal revenue.
A. The price is greater than the marginal revenue
B. The price is les than the marginal revenue
C. There is no relation
D. They are equal
7 Which of the following is not a way of helping developing economics.
A. Aid
B. Loans
C. Protectionism of developed markets
D. Training and education programmes
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
A. Relational expectations hypothesis.
B. Active expectations hypothesis
C. Static expectations hypothesis
D. Adeptive expectations hypothesis
9 Economics given can be shown by
A. An inward shift of the production possibility frontier
B. A movement down the production possibility frontier
C. An outward shift of the production possibility frontier
D. A movement up the production possibility frontier
10 A multinational busniess
A. Sells products abroad
B. Produces in more than one country
C. Imports from abroad
D. Sells only domestically

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