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

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Question # 1

An increase in demand for a product should.

Question # 2

If there is a price celling there will be

Question # 3

A scarce good.

Question # 4

Ordinal measurement approach was not presented by

Question # 5

Improved training of employees would.

Question # 6

If the fprice in a market is fixed by the government below equilibrium.

Question # 7

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

Question # 8

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

Question # 9

The free market involves

Question # 10

To adjust from gross National Product to Net National Product

Question # 11

Which of the following is not an obvious or direct determinant of a country's imports.

Question # 12

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

Question # 13

With a positive externality

Question # 14

In perfect competition.

Question # 15

Which kind economics deals with issues such as unemployment inflation, and economic growth.

Question # 16

A benefit to consumers of price discrimination is that

Question # 17

GDP plus net property income from aboard equals what.

Question # 18

If marginal revenue equals marginal cost

Question # 19

To adjust GDP from market prices to factor cost.

Question # 20

To be allocatively efficient ta firm must produce where

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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 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
2 Which of the following can the government not use directly to control the economy.
A. Pay rates within the privates sector
B. Pay rates in the public sector
C. Investment in education
D. Benefits available for the un employed and sick
3 The liquidity trap occurs when the demand for money
A. Is perfectly interest elastic
B. Is perfectly interest inelastic
C. Means that an increase in money supply leads to a fall int he interest rate
D. Means that an increase in the money supply leads to an increase in the interest rate
4 Which of the following is the government most likely to subsidies.
A. Negative externalities
B. Positive externalities
C. Monopolies
D. O ligopojies
5 If one car company takes over another car company this is an example of which type of integration.
A. Vertical
B. Horizontal
C. Conglomerate
D. Literal
6 If an economy is productively efficient.
A. Everyone is wealthy
B. Resources are unemployed
C. More of one product can only be produced if less of another product is produced.
D. The distribution of income is equal
7 A subsidy paid to producers.
A. Shifts the supply curve
B. Shifts the demand curve
C. Leads to a contractional supply
D. Leads to an extension of supply
8 In economics, the term 'scarcity' refers to the fact that
A. Everything worthwhile costs money
B. No society is able to produce enough to fully satisfy the desires of people for goods.
C. Even in wealthy societies, like the united states, some people are poor
D. sometimes shortages of product result if its price is set too low.
9 In monopoly which of the following is true.
A. There are many buyers and sellers
B. There is one main buyers
C. There is one main seller
D. The actions of one firm do not affect the market price and quantity.
10 The diamond water paradox can be explained by suggesting that the price of a product is determined by.
A. Consumer incomes
B. Its marginal utility
C. Consumer surplus
D. Diminishing marginal utility

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