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

In the long run in perfect competitiion

Question # 2

Increased levels of spending on imports

Question # 3

Profit is measured by

Question # 4

Firm in oligopoly are likely to.

Question # 5

The Philips curve shows the relationship between inflation and what?

Question # 6

Economics given can be shown by

Question # 7

If economics when we say that people are rational, we mean that they.

Question # 8

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

Question # 9

If the exchange rate is above the equilibrium level.

Question # 10

The effects of inflation on the price competitiveness of a country's products may be offset by

Question # 11

Developing economies usually

Question # 12

An increase in aggregate demand if aggregate supply is totally inelastic will.

Question # 13

Less Developed countries lend to have

Question # 14

To be productively efficient a firm must produce where

Question # 15

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

Question # 16

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

Question # 17

According to the law of diminishing utility.

Question # 18

A demand switching policy could be.

Question # 19

The marginal propensity to consume is equal to.

Question # 20

In monopoly in long run equilibrium.

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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 As income increases.
A. the average propensity to consume gets nearer in value to the marginal propensity to consume
B. the average propensity to consume diverges in value from the marginal propensity to consume
C. the average propensity to consume falls
D. The averge propensity to consume always approaches 0
2 Which of the following best describes the selling of a production license to another firm.
A. Hands over all rights to its products
B. Sells its products abroad
C. Sells the right to produce to another business
D. Sells the business to another business
3 In a market system sellers act in ___ interest, but this leads to behaviors in ___ interest.
A. Self : self
B. Self ; society's
C. Society's ; society's
D. society's, self
4 An increase in consumption at any given level of income is likely to lead to.
A. a fall in savings
B. An increase in exports
C. A fall in taxation revenue
D. A decrease in import spending
5 "Income inequality can be high in the free market and should be reduce ".This is an example of what.?
A. Judicial economic statement.
B. Positive economic statement
C. Formative economic statement
D. Normative economic statement
6 An increase in interest rates.
A. Is likely to reduce savings
B. Is likely to reduce the external value of the currency
C. Leads to a shift in the MEC schedule
D. Leads to a movement along the MEC schedule
7 Developing economics usually have
A. Low GDP per captia
B. Low CPI
C. Large balance of payments surpluses
D. Large budget surpluses
8 To be productively efficient a firm must produce where
A. Marginal costs are maximized
B. Marginal costs are minimized
C. Average costs are minimized
D. Average revenue is maximized
9 Nationalization occurs when
A. The government bans a product
B. The government takes control of an industry
C. the government taxes a product to a raise the price.
D. The government taxes a product to a raise its price.
10 An increase in aggregate demand will have most effect on prices if.
A. Aggregate supply is price inelastic
B. Aggregate supply is price elastic
C. Aggregate supply has a unitary price elasticity
D. Aggregate demand is price inelastic

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