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

The "compensated" demand curve is the demand curve that.

Question # 2

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 3

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 4

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

Question # 5

In an industry with a falling long term supply curve, which of the following is true.

Question # 6

The demand curve of unitary elastic commodity is.

Question # 7

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 8

A firm that is a price taker faces a perfectly

Question # 9

At level of income and output of 100 in the diagram above

Question # 10

In contract to perfectly competitive markets monopolists

Question # 11

Which of the following groups is most hurt by unexpected inflation.

Question # 12

If the price of product X falls and this change increases the demand for product Y then.

Question # 13

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 14

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 15

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.

Question # 16

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 17

Which skills are most likely to be paid for by the employer.

Question # 18

As long as all prices remain constant an increase in money income results in.

Question # 19

Cardinal approach theory was presented by

Question # 20

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
2 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
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 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
5 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
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 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
8 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
9 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30
10 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

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