PPSC Economics Topic 1 Basic Economics

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.

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PPSC Economics Chapter 1 Important MCQ's

Sr.#	Question	Answer
1	There are three fundamental questions every society must answer Which of the following is one of these questions.	A. What goods and services are to be produced. B. How are the good and services to be produced. C. Who will get the goods and services what are produced. D. All of the above
2	Why does it make sense in assume that people are rational, if you want to predict their behavior.	A. People are not guided by emotions when making decisions B. People wheo act in the way that best gets them what they want will tend to repeat that behavior, and will tend to learn from mistakes that they do make C. People never make mistakes, and tend to make the correct choices all of the time D. People always logically figure out what to do.
3	Economics is the study of.	A. All business, including how they operate why the exist and how they afect B. Decisions that people must make because goods and services are limited. C. How to save money, spend money invest savings, and balance a checkbook D. The stock market the bond market and investment strategies
4	To adjust GDP from market prices to factor cost.	A. Add indirect taxes B. Subtract subsidies C. Deduct indirect taxes and subsides D. Deduct indirect taxes and add subsides
5	A recurring theme in economics is.	A. People have unlimited wants in the face of limited resources B. There are unlimited resources C. Our country is rich, we just don't realize it D. People have limited wants in the face of limited resource.
6	In the long run in perfect competition	A. Price = average= cost = marginal cost B. Price = average cost = total cost C. The price covers fixed cost D. total revenue = total variable cost
7	In the short run firm in perfect competition will still produce provided.	A. The price covers average variable cost B. The price covers variable cost C. The price covers average fixed cost D. The price covers fixed cost
8	An economy may operate outside the production possibility frontier it.	A. It is not utilizing its resources fully B. It is being productively efficient C. It is a maxed economy D. It is trading with other economics
9	Companies in the private sector are owned by	A. The government B. Shareholders C. Employees D. The community
10	Which of the following is a policy instrument .as opposed to a government objective.	A. Lower interest rates B. A better balance of trade position C. Faster economic growth D. Lower un employment

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PPSC Economics Topic 1 MCQS Test Preparation

MCQ's Test For PPSC Economics Topic 1 Basic Economics