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

00:00
Question # 1

A monopoly market.

Question # 2

If the price of product X falls and this change increases the demand for product Y then.

Question # 3

Allocative efficiency is achieved under which of the following market structures.

Question # 4

If a good is normal then the demand curve for that good must be.

Question # 5

The classical are of the view that utility can be.

Question # 6

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 7

If the price of both goods increase by the same percent , the budget line will.

Question # 8

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 9

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

Question # 10

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 11

For a competitive firm the demand curve

Question # 12

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 13

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

Question # 14

Which of the following would cause the demand curve for an input to shift.

Question # 15

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 16

A production function for a firm which produces a product with two or more inputs.

Question # 17

A firm's long run average total cost lineis

Question # 18

Price discrimination is possible

Question # 19

In capitalistic economy price is determined by

Question # 20

At level of income and output of 100 in the diagram above

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
3 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
4 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
5 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
6 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
7 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
8 As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.
A. .6
B. .8
C. .4
D. .2
9 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
10 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C

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