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

Which of the following can the government not use directly to control the economy.

Question # 2

Companies in the private sector are owned by

Question # 3

Tariffs.

Question # 4

An increase in the price of a complement or produce.A would.

Question # 5

In a free market the combination of products produced will be determined by.

Question # 6

Which does the government not control directly.

Question # 7

The bowed shape of the production possibilities curve illustrtres.

Question # 8

Government policies that focus on increasing production rather than demand are called.

Question # 9

Demand for labour is more likely to be wage inelastic if.

Question # 10

Firm in oligopoly are likely to.

Question # 11

When referring to economic growth we normally refer to.

Question # 12

Compared to the case of perfect competition, a monopolist is more likely to

Question # 13

According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if

Question # 14

The sacrifice involved when you choose a particular course of action is called the

Question # 15

Effective branding will tend to make

Question # 16

Economics is the study of.

Question # 17

If people are made unemployed because of a fall in aggregate demand this is known as.

Question # 18

If the price in a market is fixed by the government above equilibrium.

Question # 19

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

Question # 20

The free market involves

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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 In economics we ofthe say that a particular event will occur "as long as other things stay the same. " The conduction that other thing saty the same is also called.
A. Ceteris paribus
B. Marginal decision making
C. Incentives
D. Secondary effects
2 According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if
A. The velocity of circulation decreases
B. The number of transactions decreases
C. There is deflation
D. The velocity of circulation and the number of transactions is constant
3 World trade has been increasing due to.
A. Increased tariffs
B. Increased legal barriers
C. Increased embargoes
D. Reduced protectionism
4 Free trade is based on the principle of
A. Comparative advantage
B. Comparative scale
C. Economics of advantage
D. Production possibility advantage
5 With a positive externality
A. There is under consumption in the free market
B. There is over consumption in the free market
C. The government may tax to decrease production
D. Society could be made off if less was produced
6 Open market operations occur when the government.
A. Reduces the interest rate
B. Buys and sells bonds and securities
C. Increases taxation
D. Increases the exchange rate
7 The marginal Revenue product is.
A. Upward sloping due to the law of demand
B. Upward sloping due to the law of marginal utility
C. Downward sloping due to the law of diminishing returns.
D. Downward sloping due to the law of supply
8 The marginal propensity to consume in a less Developed Country is likely to be.
A. Less than 0
B. Nearly 0
C. High
D. Low
9 In a command economy
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it.
D. The public sector is large
10 An independent assessment of the impact of firm's activities on society is called a.
A. Financial audit
B. Balance sheet
C. Profit and uses account
D. Social audit

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