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

In a recession, GDP.

Question # 2

In a command economy

Question # 3

Aggregate demand refers to the total demand for all domestically produced goods and services in an economy generated from.

Question # 4

The Philips curve shows the relationship between inflation and what?

Question # 5

A reduction in the money supply is likely to

Question # 6

The difference between gross investment and net investment is.

Question # 7

An economy may operate outside the production possibility frontier it.

Question # 8

When an economy first begins to frow more slowly.

Question # 9

Which of the following best defines price discrimination.

Question # 10

If marginal cost is positive and falling.

Question # 11

When internal economics of scale occur

Question # 12

Say's law states that

Question # 13

The marginal Revenue product is.

Question # 14

The hypothesis that people know the true model of the economy and that they use this model and al available information to form their expectations of the future is the

Question # 15

Economic theory assumes that people

Question # 16

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

Question # 17

An increase in aggregate demand is more likely to lead to demand pull inflation if.

Question # 18

The law of diminishing returns assumes.

Question # 19

If firms join together to set prices and quantities this is known as what.

Question # 20

Ordinal measurement approach was not presented by

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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 An increase in costs will
A. Shift aggregate demand
B. Shift aggregate supply
C. Reduce the natural rate of unemployment
D. Increases the productivity of employees
2 Firm in oligopoly are likely to.
A. Invest heavily in branding
B. Act independently of other firms
C. Try to differentiate its products
D. Try to be a price maker
3 If demand increase in a market this will usually lead to.
A. A higher equilibrium price and output
B. a lower equilibrium price and higher output
C. A lower equilibrium price and output.
D. A higher equilibrium price and lower output
4 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.
5 In marketing "USP " Stand for
A. Unique selling proposition
B. Underlying sales pitch
C. Unit sales point
D. Under sales procedure
6 Nationalization occurs when
A. The government bans a product
B. The government takes control of an industry
C. the government taxes a product to a raise the price.
D. The government taxes a product to a raise its price.
7 A higher GDP per capita may not mean that the quality of life has really improved because.
A. It measures wealth not income
B. It measures Gross Domestic product
C. It does not measure the quality of the items produced
D. it is only measured every five years
8 Who advocates laissez fair.
A. Monetarists
B. Classical
C. Neo classical
D. Modern
9 An increase in price all other, things unchanged leads to.
A. Shift demand outwards
B. Shift demand inward
C. A contraction of demand
D. An extension of demand
10 Economics given can be shown by
A. An inward shift of the production possibility frontier
B. A movement down the production possibility frontier
C. An outward shift of the production possibility frontier
D. A movement up the production possibility frontier

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