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

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 2

Immediately after a through we would expect to have al

Question # 3

If the price of an apple increases.

Question # 4

Law of variable proportion is also called.

Question # 5

The method most commonly used to test the overall significance of a regression is.

Question # 6

The market demand for a product is found by

Question # 7

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

Question # 8

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.

Question # 9

A demand curve shows that relation between price and demand.

Question # 10

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 11

In substitution effect a consumer

Question # 12

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 13

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

Question # 14

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

Question # 15

Indifference curve is alwyas.

Question # 16

The ABC corporation.

Question # 17

Economists tend to disagree primarily about.

Question # 18

The elasticity of demand for cigarettes by a non smoker is.

Question # 19

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.

Question # 20

The marginal rate of substitution for two goods can be obtained from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
3 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
4 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
5 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
6 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
7 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
8 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
9 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
10 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex

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