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 order to maximize profits a monopoly company will produce that quantity at which the.

Question # 2

An expansionist fiscal policy could include

Question # 3

A benefit to consumers of price discrimination is that

Question # 4

Which of the following can the government not use directly to control the economy.

Question # 5

To adjust GDP from market prices to factor cost.

Question # 6

In a Boom

Question # 7

A mixed economy

Question # 8

Why is the law of diminishing marginal returns true.

Question # 9

To be allocatively efficient ta firm must produce where

Question # 10

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

Question # 11

Equilibrium in the market for good A obtains.

Question # 12

In monopoly which of the following is true.

Question # 13

Human wants are

Question # 14

A movement along the supply curve may be caused by

Question # 15

A fall in interest rates is likely to

Question # 16

Supply is likely to be more price elastic.

Question # 17

An increase income will

Question # 18

A study of how increase in the minimum wage rate will effect the national unemployment rate is an example of.

Question # 19

Market is called father of economics

Question # 20

A shift in supply will have a bigger effect on price than output if demand is.

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Economics
1st Chapter

PPSC Economics Chapter 1 Test

Here you can prepare PPSC Economics Chapter 1 (Basic Economics) Test. Click the button for 100% free full practice test.

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PPSC Economics Chapter 1 Important MCQ's

Sr.# Question Answer
1 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
2 A multinational busniess
A. Sells products abroad
B. Produces in more than one country
C. Imports from abroad
D. Sells only domestically
3 If product an inferior good.
A. Demand is inversely related to income
B. Demand is inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes
4 Which of the following is not one of the basic economic questions.
A. What is produce
B. Who to produce for
C. How to produce
D. How to maximize economic growth
5 The best describes consumer surplus.
A. The price consumers are willing to pay for a unit
B. The cost of providing a unit.
C. The profits made by a firm
D. The difference the price a consumer pays for an item and the price he is willing to pay.
6 Finding a partner to work with abroad is called a.
A. Takeover
B. Merger
C. Acquisition
D. Joint venture
7 The average variable cost curve.
A. Is derived from the average fixed costs
B. Converges with the average cost as output increases
C. Equals revenue minum profits
D. Equal the total costs divided by the output
8 In economics, the term 'scarcity' refers to the fact that
A. Everything worthwhile costs money
B. No society is able to produce enough to fully satisfy the desires of people for goods.
C. Even in wealthy societies, like the united states, some people are poor
D. sometimes shortages of product result if its price is set too low.
9 Economists use the term marginal utility to mean.
A. Additional satisfaction gained divided by additional cost of the last unit.
B. Additional satisfaction gained by the consumption of one more unit of a good
C. Total satisfaction gained when consuming a given number of units.
D. The process of comparing marginal units of all goods which could be purchased
10 Earning from primary products are often unstable because.
A. Demand is price elastic
B. Supply is price elastic
C. Supply conditions are relatively stable
D. Supply conditions are unstable

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