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

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PPSC Economics Topic 1 Basic Economics

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Question # 1

Developing economies usually

Question # 2

In a recession

Question # 3

Market is called father of economics

Question # 4

In a recession, GDP.

Question # 5

The economists who emphasized wage flexibility as a solution for unemployment were.

Question # 6

The length of a business cycle would be measured from

Question # 7

A welfare less occurs in monopoly where

Question # 8

In perfect competition.

Question # 9

Less demand in the economy may increase unemployment this may lead to less spending which may reduce demand further This is called.

Question # 10

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

Question # 11

Which of the following is a determinant of consumption.

Question # 12

Human wants are

Question # 13

If the price in a market is fixed by the government above equilibrium.

Question # 14

If labour productivity per week is 200 units and there are 5 employees what is the total output.

Question # 15

The best describes consumer surplus.

Question # 16

Globalization is likely to increase with

Question # 17

Government policies that focus on increasing production rather than demand are called.

Question # 18

In perfect price discrimination

Question # 19

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

Question # 20

Revealed preference theory was presented by.

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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 a recession
A. Unemployment is likely to be low
B. prices are likely to increase
C. Growth is negative
D. Growth is slow
2 Prices that do not always adjust rapidly to maintain equality between quantity supplied and quantity demanded are.
A. Market prices
B. Sticky prices
C. Fixed prices
D. Regulatory prices
3 A profit maximizing firm in perfect competition produces where
A. Total revenue is maximized
B. Marginal revenue equals zero
C. Marginal revenue equals marginal cost
D. Marginal revenue equals average cost
4 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
5 When referring to economic growth we normally refer to.
A. Growth in actual real per capita output
B. Growth in potential real per capita output
C. Growth in actual nominal per capita output
D. Growth in potential real per capita output
6 Exchange rates that are determined by the unregulated forces of supply and demand are.
A. Floating exchange rates
B. Pegged exchange rates
C. Fixed exchange rate
D. Managed exchange rates
7 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
8 When supply increases in an agricultural market famer's earnings might fall because.
A. Supply is price elastic
B. Demand is price inelastic
C. the government buys up all the excess production
D. All output must be sold at a maximum price
9 In cartels.
A. Firms complete against each other
B. Price wars are common
C. Firms use price to win market share from competitors
D. Firms collude
10 An increase in national income is.
A. Likely to increase exports
B. Likely to decrease savings
C. Likely to decrease investment
D. Likely to increase spending on imports

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