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

The exit of firms out of a competitive market causes the supply curve to.

Question # 2

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

Question # 3

In substitution effect a consumer

Question # 4

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 5

The largest source of tax revenue for the federal government is

Question # 6

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 7

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 8

When there is a surplus in a market

Question # 9

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 10

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 11

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 12

The market demand for a product is found by

Question # 13

The income elasticity of demand

Question # 14

Indifference curve has following characteristics except.

Question # 15

Duopoly is a market situation when there is

Question # 16

The supply curve of a perfectly competitive firm

Question # 17

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 18

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

Question # 19

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

Question # 20

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
2 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
3 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
4 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
5 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
6 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
7 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
8 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
9 If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
10 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics

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