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

00:00
Question # 1

Revealed preference theory was presented by.

Question # 2

Which of the following rights be a scarce good.

Question # 3

What lies is at the heart of the allocation of goods and services in a free market economy.

Question # 4

To maximize sales revenue a firm should produce where

Question # 5

In pure monopoly what is the relation between the price and teh marginal revenue.

Question # 6

If product an inferior good.

Question # 7

In monopolistic competition

Question # 8

In a Boom

Question # 9

If the economy grows the government's budget position will automatically

Question # 10

A reduction in the costs of production will

Question # 11

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

Question # 12

A movement along the supply curve may be caused by

Question # 13

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity.

Question # 14

For perfectly competitive firm

Question # 15

What makes economics scientific.

Question # 16

The price mechanism does not act as a

Question # 17

Which of the following is a possible government objective as opposed to a policy.

Question # 18

Profit is measured by

Question # 19

If the exchange rate is above the equilibrium level.

Question # 20

A recurring theme in economics 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 competitiion
A. the price equals the total revenue
B. Firm are allocatively inefficient
C. Firms are productively efficient
D. the price equals total cost
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 In a command economy
A. The price mechanism acts as an incentive
B. Resources are allocated by market forces
C. Individual firms make decisions for themselves about what to produce and how to produce it.
D. The public sector is large
4 Which of the following best defines price discrimination.
A. Charging different prices on the basis of race
B. Charging different prices for goods with different costs of production
C. Charging different prices based on cost of service differences.
D. Selling a certain product of given quality and cost per unit at different prices to different buyers
5 In perfect competation.
A. The price equals the marginal revenue
B. The price equals the average variable cost
C. The fixed cost equals the variable costs
D. The price equals the total costs
6 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
7 Finding a partner to work with abroad is called a.
A. Takeover
B. Merger
C. Acquisition
D. Joint venture
8 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
9 Which of the following is not involved with fiscal policy.
A. Income tax
B. National insurance
C. VAT
D. Interest rates
10 If people are made unemployed because of a fall in aggregate demand this is known as.
A. Frictional unemployment
B. Seasonal unemployment
C. Cyclical unemployment
D. Structural unemployment

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