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 the government lower taxes by $10 billion, the Real GDP will rise by

Question # 2

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

Question # 3

Indifference curve has following characteristics except.

Question # 4

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.

Question # 5

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 6

In Production of goods and services tradeoffs exist becasue.

Question # 7

The key feature of oligopoly is.

Question # 8

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

Question # 9

A typical demand curve cannot be

Question # 10

Which of the following is not a basic assumption of perfect competition.

Question # 11

A combination labour and capital where the cost of an output is minimized is called.

Question # 12

A monopoly market.

Question # 13

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

Question # 14

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

Question # 15

In the short run, the supply of farm commodities is.

Question # 16

Micro economics is the study of.

Question # 17

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 18

If there is no price surprise, total output is.

Question # 19

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 # 20

If a monopolist faces a downward sloping market demand curve its.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
2 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
3 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.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
4 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
5 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 %
6 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
7 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%
A. Rs.1654.29
B. Rs.100.00
C. Rs.94.00
D. Rs.68.00
8 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
9 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
10 A monopolist will discontinue production if
A. Marginal revenue is less than marginal cost
B. Marginal revenue is less than average total cost
C. Marginal revenue is less the average fixed cost
D. Price is less than average variable cost

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