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 both supply and demand for a good increase at the same time which of the following must also increase

Question # 2

The demand for labor will be more elastic if

Question # 3

One of the following has more elastic demand.

Question # 4

If a firm triples all inputs and output triples as well the firm is subject to

Question # 5

MC = MR= AR=AC = Price shows the longs run

Question # 6

When economists say that a per son is economizing they mean that the person is.

Question # 7

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 8

The law of diminishing marginal returns to a factor of production is.

Question # 9

An increase in price causes an increase in total revenue when.

Question # 10

In the long run a profit maximizing firm will choose to exit a market when

Question # 11

Law of variable proportion is also called.

Question # 12

Skills that can be transferred to other employers are called.

Question # 13

When the quantity demanded is changed on the same price

Question # 14

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

Question # 15

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 16

Labour has the following characteristics accept one.

Question # 17

In perfect competition the industry will be in equilibrium.

Question # 18

A demand curve that is an equilateral hyperbola is.

Question # 19

Marginal cost is the change is cost the result from a one unit increase in.

Question # 20

In price discrimination, which section of the market is charged the higher price.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
3 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
4 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
5 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above
6 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
7 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
8 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
9 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
10 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity

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