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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

The "Law of demand" most directly means that consumers buy

Question # 2

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 3

For a competitive firm the demand curve

Question # 4

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 5

The demand for labor will be more elastic if

Question # 6

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

Question # 7

A firm that is a price taker faces a perfectly

Question # 8

In pure monopoly there is.

Question # 9

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

Question # 10

If leisure is an inferior good the individuals supply curve for labor is.

Question # 11

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

Question # 12

An elasticity coefficient of -1 means that

Question # 13

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

Question # 14

If the price of an apple increases.

Question # 15

The income elasticity of demand

Question # 16

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 17

Which of the following is correct with respect to the Paasche index.

Question # 18

The classical are of the view that utility can be.

Question # 19

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
2 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
3 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
4 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
5 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
6 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition
7 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
8 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
9 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
10 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both

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