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

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 2

Indifference curve is alwyas.

Question # 3

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 4

The are price elasticity of demand is approximately

Question # 5

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

Question # 6

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 # 7

Cardinal approach theory was presented by

Question # 8

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 9

The marginal rate of substitution of two goods can be obtain from

Question # 10

If the income elasticity of demand is +4

Question # 11

A market demand curve can be derived by adding all the individual demand curves

Question # 12

In perfect competition the transpiration cost

Question # 13

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

Question # 14

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 15

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

Question # 16

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 # 17

In a typical cartel agreement the cartel maximizes profit when it.

Question # 18

A monopoly there is

Question # 19

The supply curve of a perfectly competitive firm

Question # 20

Elasticity of demand of luxurious goods is always more elastic

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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 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
3 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900
4 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
5 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
6 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
7 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
8 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
9 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
10 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

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