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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

The "Law of demand" most directly means that consumers buy

Question # 2

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 3

A negatively sloped isoquant implies

Question # 4

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

Question # 5

In capitalistic economy price is determined by

Question # 6

The largest source of tax revenue for the federal government is

Question # 7

Which of the following shifts the demand curve for hot dogs leftward.

Question # 8

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

Question # 9

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

Question # 10

Indifference curve has following characteristics except.

Question # 11

The average total cost when 20 units of output are produced is

Question # 12

A profit maximizing monopolist in two separate markets will

Question # 13

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 14

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 15

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

Question # 16

In the long run a profit maximizing firm will choose to exit a market when

Question # 17

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

Question # 18

MC = MR= AR=AC = Price shows the longs run

Question # 19

If a good has a lot of substitutes, then its demand is.

Question # 20

The exit of firms out of a competitive market causes the supply curve to.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
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 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
4 Micro economics studies such topics as
A. The factors that determine inflation
B. The forces that influence the price of shoes
C. The determinants of total output
D. Whether the unemployment rate will rise or fall
5 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
6 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
7 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
8 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition
9 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
10 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c

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