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

"Treating an individual as typical of a group" in the definition of.

Question # 2

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

Question # 3

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

Question # 4

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 5

Which of the following would cause the demand curve for an input to shift.

Question # 6

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

Question # 7

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

Question # 8

If a monopoly is unable to cover its short run variable costs, if should.

Question # 9

For a competitive firm the demand curve

Question # 10

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

Question # 11

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 # 12

In perfect competition, a seller by increasing price.

Question # 13

When there is a surplus in a market

Question # 14

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 15

Law of variable proportion sis applicable in.

Question # 16

Price discrimination is possible

Question # 17

The long run is a time period that is.

Question # 18

A demand curve that is an equilateral hyperbola is.

Question # 19

The firms average variable cost of the 150th unit is.

Question # 20

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
2 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
3 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
4 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
5 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
6 In order to practice price discrimination which of the following is needed.
A. Some degree of monopoly power
B. An ability to separate the market
C. An ability to prevent reselling
D. All of the above
7 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above
8 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
9 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
10 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800

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