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

An increase in demand for a product should.

Question # 2

The law of demand states that.

Question # 3

Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from.

Question # 4

Which of the following best defines price discrimination.

Question # 5

Which of the following is not one of the four Ps in marketing.

Question # 6

The standard of living is often measured by

Question # 7

If the marginal revenue is less than the marginal cost then to profit maximize a firm should.

Question # 8

All currencies other than the domestic currency of a given country are referred to as.

Question # 9

When referring to economic growth we normally refer to.

Question # 10

Which of the following is an injection into the economy.

Question # 11

The best describes consumer surplus.

Question # 12

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.

Question # 13

The bowed shape of the production possibilities curve illustrtres.

Question # 14

For equilibrium in an open four sector economy

Question # 15

In a Boom

Question # 16

Demand for primary products is likely to be

Question # 17

An increase in the wage rate.

Question # 18

If an increase in investment leads to a bigger increase in national income this is called the.

Question # 19

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.

Question # 20

The price mechanism cannot.

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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 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
2 What lies is at the heart of the allocation of goods and services in a free market economy.
A. Concerns of equity or equal distribution among individuals.
B. The order or command of the ruling government or dictator
C. The wishes of consumers in the market
D. The price mechanism
3 In order to maximize profits a monopoly company will produce that quantity at which the.
A. Marginal revenue equals average total cost
B. Price equals marginal revenue
C. Marginal revenue equals marginal cost
D. total revenue equals total cost
4 A benefit to consumers of price discrimination is that
A. Some products are produced that would not other wise be produced
B. Producer surplus increases
C. Consumer surplus decreases
D. Firms profits increase
5 Which of the following is not one of the four Ps in marketing.
A. Product
B. Price
C. Place
D. Presence
6 Which is the most volatile component of aggregate demand.
A. Net exports
B. Consumption
C. Investment
D. Government spending
7 To adjust from gross National Product to Net National Product
A. Deduct deprecation
B. Deduct indirect taxes
C. Deduct subsidies
D. Add inflation
8 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
9 World trade has been increasing due to.
A. Increased tariffs
B. Increased legal barriers
C. Increased embargoes
D. Reduced protectionism
10 Equilibrium in the market for good A obtains.
A. When there is no surplus or shortage prevailing in the market
B. Where the demand and supply curves for A intersect
C. When all of what is produced of A is consumed
D. All of the above

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