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

  • Total Questions20

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PPSC Economics Topic 1 Basic Economics

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Question # 1

The liquidity trap occurs when the demand for money

Question # 2

In economics, the term 'scarcity' refers to the fact that

Question # 3

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

Question # 4

If the marginal revenue is positive

Question # 5

Japan's low interest rates in the mid 80's were due to.

Question # 6

Lower interest rates are likely to.

Question # 7

Economics is the study of.

Question # 8

The marginal Revenue product is.

Question # 9

According to the law of diminishing utility.

Question # 10

According to classical models the level of employment is determined primarily by

Question # 11

A multinational busniess

Question # 12

"Income inequality can be high in the free market and should be reduce ".This is an example of what.?

Question # 13

A model of game theory of oligopoly is known as the

Question # 14

A profit maximizing firm in perfect competition produces where

Question # 15

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

Question # 16

A fall in interest rates is likely to

Question # 17

A benefit to consumers of price discrimination is that

Question # 18

Which does the government not control directly.

Question # 19

Which of the following best defines price discrimination.

Question # 20

Demand for primary products is likely to be

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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 A scarce good.
A. Does not exist
B. Is a good that can only be purchased with money
C. Is a good that can never be purchased with money
D. Is a good that is available in limited quantities, but is desired in greater quantities.
2 Which of the following is not a global organization?
A. IMF
B. World bank
C. Competition commission
D. WTO
3 The law of diminishing returns states that as more of a variable factor is added to a certain amount of a fixed factor beyond some point.
A. Total Physical product begins to fall
B. The marginal physical product rises
C. The marginal physical product falls
D. The average physical product falls.
4 Globalization is likely to increase with
A. More protectionism
B. An increase in tariffs
C. More trade within countries
D. Greater trade flows between countries
5 A government might use tax to.
A. Discourage consumption of positive externalities
B. Discourage consumption of public goods
C. Discourage consumption of merit goods
D. Discourage consumption of negative externalities
6 Capital, as economists use the term.
A. Is the money the firm spends to hire resources
B. Is money the firm raises from selling stock
C. Refers to the process by which resources are transformed into useful forms
D. Refers to things that have already been produced that are in turn used to produce other goods and services.
7 Which of the following is true.
A. If the marginal cost is greater than the average cost the average cost fallls.
B. If the marginal cost is greater than the average cost the average cost increases.
C. If the marginal cost is positive total costs are maximized
D. If the marginal cost is negatives total costs increase at a decreasing rate if output increases
8 A study of how increase in the minimum wage rate will effect the national unemployment rate is an example of.
A. Descriptive economics
B. Normative economics
C. Macro economics
D. Micro economics
9 If there is a price celling there will be
A. Shortages
B. Surpluses
C. Equilibrium
D. None of these
10 An increase in the marginal propensity to consume will
A. Increase the size of the multiplier
B. Increase the marginal propensity to save
C. Decrease national income
D. Reduce injections into the economy

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