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

Why is the law of diminishing marginal returns true.

Question # 2

For equilibrium in an open four sector economy

Question # 3

Gross National product equals

Question # 4

Increased levels of spending on imports

Question # 5

If firm earn normal profits.

Question # 6

If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge.

Question # 7

If the "Regulated -market" price is below the equilibrium price.

Question # 8

Total revenue equals

Question # 9

There are three fundamental questions every society must answer Which of the following is one of these questions.

Question # 10

An increase in national income is.

Question # 11

A model of game theory of oligopoly is known as the

Question # 12

To be allocatively efficient ta firm must produce where

Question # 13

Rapid increases in the price level during periods of recession or high unemployment are known as.

Question # 14

Firms in perfect competition face a

Question # 15

A cut in the tax rate designed to reduce the business investment is an example of.

Question # 16

Labour productivity measures.

Question # 17

Barriers to entry do not include

Question # 18

Laboratory experiments cannot be performed in economics because.

Question # 19

Profit making is basic motive in.

Question # 20

The natural rate of unemployment is likely to tall if

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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 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
2 According to the quantity theory of money an increase in the money supply is most likely to lead ot inflation if
A. The velocity of circulation decreases
B. The number of transactions decreases
C. There is deflation
D. The velocity of circulation and the number of transactions is constant
3 Supply is likely to be more price elastic.
A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries.
C. If there are very few producers
D. If it is easy to expand output
4 Investment depend mainly on.
A. Past levels of income
B. Future expected profits
C. Present national income levels
D. Historic data
5 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
6 An increase in the price of a complement or produce.A would.
A. Shift demand for product a out wants
B. Shift demand for product A inwards
C. shift supply for product A out wards
D. Shift supply for product A inwards
7 If the "Regulated -market" price is below the equilibrium price.
A. The quantity demanded will be greater than quantity supplied
B. Demand will be les than supply
C. Quantity demanded will be less than quantity supplied
D. Quantity demanded will equal quantity supplied
8 According to schumpater
A. Monopolies are inefficient
B. Monopoly profits act as an incentive for innovation
C. Monopolies are allocatively efficient
D. Monopolies are productively efficient
9 Increase un employment benefits and less incentive to work would.
A. Shift aggregate supply to the right
B. Shift aggregate supply to the left
C. Shift aggregate demand to the right
D. Shift aggregate demand to the left
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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