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

Law of variable proportion is also called.

Question # 2

In perfect competition there is.

Question # 3

A market demand curve can be derived by adding all the individual demand curves

Question # 4

The classical are of the view that utility can be.

Question # 5

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

Question # 6

According to Keynes, when the great depression started the government should be.

Question # 7

The marginal rate of substitution of two goods can be obtain from

Question # 8

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

Question # 9

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 10

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

Question # 11

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

Question # 12

Which of the following is NOT an example of non price competition the auto industry.

Question # 13

the ouput where diminishing return to production begin is also the ouput where

Question # 14

Goods which can be consume directly are

Question # 15

When a tax is levied on a good.

Question # 16

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 17

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 18

A monopoly there is

Question # 19

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

Question # 20

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

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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 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
3 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
4 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
5 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
6 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
7 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
8 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
9 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
10 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these

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