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

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 # 2

Indifference curve has following characteristics except.

Question # 3

The demand for labor will be more elastic if

Question # 4

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 5

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

Question # 6

What is the production level for public good W, if the government uses full cost pricing.

Question # 7

In perfect competition, a seller by increasing price.

Question # 8

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

Question # 9

If a good is normal then the demand curve for that good must be.

Question # 10

The arc income elasticity of demand is approximately

Question # 11

Elasticity of demand of luxurious goods is always more elastic

Question # 12

An income demanded curve of an inferior good is.

Question # 13

A production possibilities curve indicates that when resources are being used efficiently

Question # 14

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

Question # 15

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 16

The tax is question 52 is

Question # 17

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

Question # 18

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

Question # 19

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
2 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
3 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
4 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
5 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
6 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
7 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
8 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents
9 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
10 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve

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