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

00:00
Question # 1

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

Question # 2

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%

Question # 3

Along the long run supply curve all of the following can vary except.

Question # 4

If average variable cos tis less then marginal cost then certainly.

Question # 5

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 6

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

Question # 7

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

Question # 8

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

Question # 9

Economic growth is shown on the production possibility frontier as.

Question # 10

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 11

Firm A's margin of safety is.

Question # 12

An elasticity coefficient of -1 means that

Question # 13

Which of the following does not apply to pareto efficiency.

Question # 14

Average fixed cost

Question # 15

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 16

A monopolist will maximize profit.

Question # 17

The income elasticity of demand

Question # 18

In the short run no firm operates with a loss unless

Question # 19

The most important determinant of price elasticity is.

Question # 20

Which of the following is a characteristic of monopolistic competition.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
2 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
3 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
4 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
5 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
6 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
7 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
8 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
9 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
10 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200

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