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

Indifference curve is alwyas.

Question # 2

In contract to perfectly competitive markets monopolists

Question # 3

A monopsony is

Question # 4

As long as all prices remain constant an increase in money income results in.

Question # 5

A firm's long run average total cost lineis

Question # 6

Extension and contraction of demand mean

Question # 7

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 8

The classical are of the view that utility can be.

Question # 9

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 10

Foundation of law of demand is.

Question # 11

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

Question # 12

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 13

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 14

Law of variable proportion sis applicable in.

Question # 15

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 16

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

Question # 17

Which of the following does not represent a barrier to entry into a market.

Question # 18

In perfect competition the transpiration cost

Question # 19

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

Question # 20

Skills that embodied in a person are called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
2 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.
3 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
4 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
5 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
6 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
7 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
8 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
9 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
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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