The PFRDA Grade A Economics Practice Quiz has been prepared to help candidates revise important Economics topics for the General Stream Paper 2 exam. The quiz covers key areas such as demand and supply, market structures, national income, economic theories, inflation, business cycles, balance of payments, foreign exchange, and monetary and fiscal policy. Practising Economics questions can help candidates improve conceptual clarity and recall important terms.
In this blog, we have provided a PFRDA Grade A Economics Practice Quiz along with a free PDF containing questions with direct answers and solutions.
Download PFRDA Grade A Economics Practice Quiz PDF
The PFRDA Grade A Economics Practice Quiz is designed according to the Economics topics mentioned in the General Stream syllabus. The direct link to download the Economics practice quiz PDF is provided below.
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| PFRDA Grade A Economics Practice Quiz | Download Now |
| PFRDA Grade A Stream Wise PYPs | Download Now |
Attempt PFRDA Grade A Economics Practice Quiz
Attempt a free test based on Economics and check your level of preparation for the PFRDA Grade A Paper 2 exam. Practising questions regularly can help candidates revise important concepts and improve their ability to solve questions within the available time.
1. According to the law of demand, other things being equal, price and quantity demanded are related as follows:
2. A leftward shift of the demand curve for a good is most likely caused by:
3. Which of the following best describes a perfectly competitive market?
4. In monopolistic competition, firms mainly compete through:
5. If a 10% rise in price leads to a 20% fall in quantity demanded, demand is said to be:
6. An oligopoly market is characterised by:
7. Cross elasticity of demand between two complementary goods is typically:
8. Market equilibrium price is determined at the point where:
9. Which of the following is a characteristic of a monopoly market?
10. Net National Product (NNP) is derived from Gross National Product (GNP) by:
11. Which of the following is included in National Income (GNP-based) but excluded from GDP?
12. Personal Disposable Income refers to:
13. The expenditure method of measuring GDP sums up:
14. Which method of national income estimation avoids double counting by considering only value added at each stage?
15. Real GDP differs from Nominal GDP because Real GDP is:
16. The GDP deflator is calculated as:
17. Which of the following is a transfer payment and hence excluded from national income calculations?
18. According to Classical economists, the economy is assumed to:
19. Keynes argued that during a depression, the economy could remain stuck mainly due to:
20. Say’s Law of Markets states that:
Quiz Summary
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What is the Economics syllabus for PFRDA Grade A?
Economics is an important part of the PFRDA Grade A General Stream Paper 2 syllabus. The syllabus includes microeconomic concepts such as demand, supply, and market structures, along with macroeconomic topics such as national income, inflation, and economic policies. Candidates should also study international economic concepts such as Balance of Payments and the foreign exchange market.
| Topic | Important Areas for Preparation |
| Demand and Supply | Demand, supply, elasticity, determinants |
| Market Structures | Perfect competition, monopoly, monopolistic competition, oligopoly |
| National Income | GDP, GNP, NNP, national income concepts |
| Economic Theories | Classical and Keynesian theories |
| IS-LM Model | IS curve, LM curve, equilibrium |
| Inflation | Types, causes, effects, control |
| Phillips Curve | Inflation and unemployment relationship |
| Business Cycles | Phases, causes, effects |
| BoP | Current account, capital account, balance of payments |
| Forex Market | Exchange rates and foreign exchange |
| Economic Policy | Monetary policy and fiscal policy |
What are the important topics under Demand and Supply?
Demand and supply are basic concepts of Economics and form the foundation for understanding markets. Candidates should revise the meaning of demand and supply, their determinants, and the factors that cause changes in them. Elasticity of demand and supply is also an important area. Focus should be placed on understanding concepts rather than only memorising definitions.
- Meaning of demand and supply
- Law of demand
- Law of supply
- Determinants of demand
- Determinants of supply
- Change in demand and supply
- Elasticity of demand
- Elasticity of supply
- Price, income, and cross elasticity
What are the important topics under Market Structures?
Market structure explains how firms operate in different types of markets. Candidates should understand the features of perfect competition, monopoly, monopolistic competition, and oligopoly. Differences between these market structures are important for exam preparation. Candidates should also understand basic concepts such as price determination and competition.
| Market Structure | Key Features |
| Perfect Competition | Many buyers and sellers, homogeneous products |
| Monopoly | Single seller and high entry barriers |
| Monopolistic Competition | Product differentiation and many sellers |
| Oligopoly | Few major sellers and interdependence |
What are the important National Income concepts?
National income accounting measures the economic activity and income generated within an economy. Candidates should revise important terms such as GDP, GNP, NDP, NNP, and national income. The difference between nominal and real values should also be understood. These concepts are important for understanding economic growth and overall economic performance.
- Gross Domestic Product (GDP)
- Gross National Product (GNP)
- Net Domestic Product (NDP)
- Net National Product (NNP)
- National Income
- Per capita income
- Nominal and real GDP
- Economic growth
- Income measurement
What are the important topics under Classical and Keynesian theories?
Classical and Keynesian economic theories provide different views on output, employment, savings, investment, and government intervention. Candidates should understand the basic assumptions and major ideas of both theories. The role of aggregate demand and employment in Keynesian theory is particularly important. Questions may ask candidates to identify the key features of each approach.
- Classical theory
- Keynesian theory
- Say’s Law
- Effective demand
- Aggregate demand
- Aggregate supply
- Employment and output
- Savings and investment
- Role of government
What are the important topics under IS-LM and Phillips Curve?
The IS-LM model explains the relationship between the goods market and money market. Candidates should understand the basic meaning of the IS and LM curves and how they determine economic equilibrium. The Phillips Curve explains the relationship between inflation and unemployment. Both topics should be studied from a conceptual point of view.
- IS curve
- LM curve
- Goods market equilibrium
- Money market equilibrium
- IS-LM equilibrium
- Inflation and unemployment
- Phillips Curve
- Short-run relationship
- Economic policy implications
What are the important topics under Inflation?
Inflation refers to a sustained increase in the general price level of goods and services. Candidates should understand the different types, causes, and effects of inflation. The role of monetary and fiscal measures in controlling inflation should also be revised. Questions can be based on definitions, causes, effects, and policy measures.
- Meaning of inflation
- Demand-pull inflation
- Cost-push inflation
- Causes of inflation
- Effects of inflation
- Inflation measurement
- WPI and CPI
- Inflation control measures
What are the important topics under Business Cycles?
Business cycles refer to fluctuations in economic activity over time. Candidates should understand the different stages of a business cycle and the factors that may cause economic expansion or slowdown. The effects of business cycles on output, employment, income, and investment should also be revised.
- Meaning of business cycles
- Expansion
- Peak
- Recession
- Trough
- Recovery
- Causes of business cycles
- Effects on employment and output
What are the important topics under BoP and Forex Market?
Balance of Payments records the economic transactions of a country with the rest of the world. Candidates should understand its major components and the difference between current and capital accounts. The foreign exchange market deals with the buying and selling of currencies. Exchange rate concepts should also be revised.
- Balance of Payments
- Current account
- Capital account
- BoP surplus and deficit
- Foreign exchange market
- Exchange rate
- Appreciation and depreciation
- Demand and supply of foreign currency
Which Economics topics should candidates focus on for PFRDA Grade A?
Candidates should give priority to concepts that explain how markets and economies function. Demand and supply, national income, inflation, monetary policy, fiscal policy, and international economics should be revised carefully. Candidates should also focus on differences between economic concepts and important models. Regular practice can help identify topics that require further revision.
| Priority Area | Topics to Revise |
| Microeconomics | Demand, supply, elasticity, market structures |
| Macroeconomics | National income, inflation, business cycles |
| Economic Theories | Classical and Keynesian theories |
| Economic Models | IS-LM, Phillips Curve |
| International Economics | BoP, Forex market |
| Economic Policy | Monetary policy, fiscal policy |
How can candidates prepare for the PFRDA Grade A Economics section?
Candidates should begin with basic microeconomic concepts and then move towards macroeconomics and international economics. Make short notes for important theories, models, definitions, and differences. Revise current economic concepts along with the static syllabus wherever relevant. After studying each topic, attempt practice questions and analyse incorrect answers.
- Read all Economics topics mentioned in the syllabus.
- Build strong concepts in demand and supply.
- Revise national income terms and differences.
- Understand Classical and Keynesian theories.
- Study inflation and business cycles.
- Revise the IS-LM model and Phillips Curve.
- Understand BoP and foreign exchange concepts.
- Revise monetary and fiscal policy.
- Attempt the PFRDA Grade A Economics Practice Quiz.
- Analyse mistakes and revise weak areas.
- Attempt Paper 2 mock tests regularly.
FAQs
The syllabus covers demand and supply, market structures, national income, economic theories, IS-LM, inflation, Phillips Curve, business cycles, BoP, Forex market, monetary policy, and fiscal policy.
Yes, Economics is one of the subjects included in General Stream Paper 2.
Candidates should revise GDP, GNP, NDP, NNP, national income, per capita income, and related concepts.
Balance of Payments and the foreign exchange market are important areas mentioned in the syllabus.
Yes, candidates should cover both microeconomic and macroeconomic concepts mentioned in the PFRDA Grade A syllabus.
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