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

00:00
Question # 1

An exceptional demand curve is.

Question # 2

A firm's long run average total cost lineis

Question # 3

Price discrimination occurs when

Question # 4

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 5

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 6

Perfect competition implies

Question # 7

The are price elasticity of demand is approximately

Question # 8

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 9

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

Question # 10

When the demand curve is vertical its shows that the demand is.

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

When there is a surplus in a market

Question # 13

If the prices of both goods increase by the same percent the budget line will

Question # 14

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 15

The arc elasticity formula is used to estimate elasticity when

Question # 16

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 17

Law of variable proportion sis applicable in.

Question # 18

Which of the following correct about firms in an oligopoly.

Question # 19

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
3 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
4 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
5 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
6 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
7 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
8 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
9 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
10 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above

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