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

"Principles of economics" is the book of

Question # 2

The arc elasticity formula is used to estimate elasticity when

Question # 3

A price decrease and an increase in income are similar in that

Question # 4

Elasticity of demand of luxurious goods is always more elastic

Question # 5

In order to practice price discrimination which of the following is needed.

Question # 6

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 7

In pure monopoly there is.

Question # 8

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

Question # 9

In perfect competition the transpiration cost

Question # 10

The long run is a time period that is.

Question # 11

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 12

Which of the following does not apply to pareto efficiency.

Question # 13

If a firm which polluted the water of area had to pay all social cost would have

Question # 14

In capitalistic economy price is determined by

Question # 15

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 16

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

Question # 17

In monopsony there is

Question # 18

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 19

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 20

The downward kinked demand curve facing the individual oligopolistic implies that

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
2 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
3 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
4 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases
5 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
6 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
7 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
8 A firm that is a price taker faces a perfectly
A. Elastic supply curve
B. Inelastic demand curve
C. Elastic demand curve
D. In elastic supply curve
9 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
10 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve

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