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 income will

Question # 2

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

Question # 3

Ordinal measurement approach was not presented by

Question # 4

The resources in an economy are

Question # 5

The index used most often to measure inflation is the

Question # 6

Developing economics usually have

Question # 7

A model of game theory of oligopoly is known as the

Question # 8

Supply is likely to be more price elastic.

Question # 9

A mixed economy

Question # 10

An increase in the wage rate.

Question # 11

The socially optimal rate of growth is

Question # 12

A benefit to consumers of price discrimination is that

Question # 13

Which of the following is not likely to be a government objective.

Question # 14

If demand increase in a market this will usually lead to.

Question # 15

To anticipate what the economy is going to do next the government will look at.

Question # 16

Barriers to entry do not include

Question # 17

An independent assessment of the impact of firm's activities on society is called a.

Question # 18

Why is the law of diminishing marginal returns true.

Question # 19

Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.

Question # 20

What does ceteris paribus mean.

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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 Effective branding will tend to make
A. Demand mover price inelastic
B. Supply more price inelastic
C. Demand more income elastic
D. Supply more income elastic
2 The resources in an economy are
A. Constantly increasing
B. Fixed at any moment
C. Constant decreasing
D. Able to be transferred easily between industries
3 Which of the following is not likely to be a government objective.
A. Increasing employment
B. Increasing economic growth
C. Increasing government spending
D. Increasing the level of exports
4 Less demand in the economy may increase unemployment this may lead to less spending which may reduce demand further This is called.
A. The upward accelerator
B. The downward multiplier
C. The upward PPF
D. The downward MPC
5 A profit maximizing firm will employ labour up to the point where.
A. Marginal revenue = Marginal product
B. Margial cost = Marginal product
C. Marginal revenue product = Average cost of labour
D. Marginal revenue product = Marginal cost of labour
6 If firm earn normal profits.
A. They will aim to leave the industry
B. Other firms will join the industry
C. The revenue equals total costs
D. No profit is made in accounting terms
7 An increase income will
A. Lead to a movement along the demand curve
B. Shift the supply curve
C. Shift the demand curve
D. Lead to an extension of demand
8 If marginal product is below average product.
A. The total product will fall
B. The average product will fall
C. Average variable costs will fall
D. Total revenue will fall
9 In pure monopoly what is the relation between the price and teh marginal revenue.
A. The price is greater than the marginal revenue
B. The price is les than the marginal revenue
C. There is no relation
D. They are equal
10 What does the phrases "there is no such thing as a free lunch'mean"
A. Individuals must always pay money for the food the eat.
B. No restaurant wner will provide food to patrons unless they pay her
C. Restaurant owners act selfishly
D. Consumption of any good requires that other goods be given up

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