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 price elasticity of demand is teh same thing as the negative of the

Question # 2

In perfect competition the transpiration cost

Question # 3

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 4

Under perfect competition, the price system automatically result in efficient output selection when

Question # 5

Which of the following taxes is regressive

Question # 6

Firms in monopolistic competition compete on

Question # 7

The most important determinant of price elasticity is.

Question # 8

In order to constitute an oligopolistic market structure.

Question # 9

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 10

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 11

In price discrimination, which section of the market is charged the higher price.

Question # 12

Which of the following is a function of money

Question # 13

In the short run no firm operates with a loss unless

Question # 14

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 15

Immediately after a through we would expect to have al

Question # 16

The epigram "time is money" expresses , in part, the concept of.

Question # 17

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

Question # 18

When a tax is levied on a good.

Question # 19

Allocative efficiency is achieved under which of the following market structures.

Question # 20

The long run is a time period that is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
2 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
3 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
4 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
5 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
6 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
7 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
8 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
9 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
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.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y

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