PPSC Economics Topic 2 MCQS Test Preparation

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MCQ's Test For PPSC Economics Topic 2 Micro Economics

Try The MCQ's Test For PPSC Economics Topic 2 Micro Economics

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 2

"Treating an individual as typical of a group" in the definition of.

Question # 3

Indifference curve is alwyas.

Question # 4

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 5

Skills that embodied in a person are called.

Question # 6

Along the long run supply curve all of the following can vary except.

Question # 7

In substitution effect a consumer

Question # 8

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 9

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 10

The same graph shows that the firm order to maximize profits , should produce.

Question # 11

A demand curve is not related to

Question # 12

If a monopoly is unable to cover its short run variable costs, if should.

Question # 13

A profit maximizing monopolist in two separate markets will

Question # 14

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 15

The supply curve of a perfectly competitive firm

Question # 16

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 17

If the demand curve for a good is downward sloping then the good must be.

Question # 18

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 19

When goods are compliments the cross demand curve

Question # 20

If the price of an apple increases.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
2 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
3 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
4 Oligopoly is a market structure in which
A. Many firms each produce a slightly differentiated product
B. One firm produces as unique product
C. A small number of firms compete
D. Many firms produce an identical product
5 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
6 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition
7 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
8 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
9 If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
10 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve

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