FPSC Economics MCQs Preparation Material (Questions and Answers). Sample Economics multiple choice questions (MCQs) for FPSC PPSC SPSC KPPSC test including questions from past FPSC test papers (Economics section).
Economics MCQs Past Papers Questions
Q. The best measure to see overall performance of an economy is
(C) trade deficit
(D) Debt-GDP ratio
The answer is: (A) GDP ☑
Q. An increase in supply _____ the price and _____ the quantity demanded.
(A) lowers, raises
(B) raises, lowers
(C) lowers, lowers
(D) raises, raises
The answer is: (A) lowers, raises ☑
Q. A businessman opportunity should be accepted if it has _____ net present value.
The answer is: (B) positive ☑
Q. In a monopolistic competition, a business obtains its maximum-profit position where
(A) MR > MC
(B) MR < MC
(C) MR = MC
(D) MR + MC = 1
The answer is: (C) MR = MC ☑
Q. The fundamental concept of Economics about resources is that the resources are
(A) equally distributed
(B) unequally distributed
The answer is: (C) scarce ☑
Q. Consider a world without scarcity of resources. Then what would be the consequences?
(A) All prices would be zero
(B) Markets would be unnecessary
(C) Economics would no longer be a useful subject
(D) All of the above
The answer is: (D) All of the above ☑