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

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PPSC Economics Topic 2 Micro Economics

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Question # 1

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 2

When the quantity demanded is changed on the same price

Question # 3

Under perfect competition, the price system automatically result in efficient output selection when

Question # 4

Which of the following is correct for the demand and supply schedules given above.

Question # 5

As long as all prices remain constant an increase in money income results in.

Question # 6

In Production of goods and services tradeoffs exist becasue.

Question # 7

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 8

The demand for labor is the same as the

Question # 9

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 10

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

Question # 11

Cardinal approach theory was presented by

Question # 12

The epigram "time is money" expresses , in part, the concept of.

Question # 13

Which of the following does not apply to pareto efficiency.

Question # 14

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 15

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 16

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 17

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

Question # 18

Indifference curve is alwyas.

Question # 19

The demand for labor slopes down and to the right because of.

Question # 20

In order to practice price discrimination which of the following is needed.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
2 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
3 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
4 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents
5 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
6 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
7 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
8 Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
9 The Lorenz curve shows that
A. unemployment does not affect social group
B. People with low income spend more
C. People with low income spend less
D. the degree of income equality in the economy
10 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production

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