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

A demand curve shows that relation between price and demand.

Question # 2

Law of demand is not applicable on

Question # 3

Firm A's margin of safety is.

Question # 4

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 5

Along the long run supply curve all of the following can vary except.

Question # 6

Firm A's annual profit is.

Question # 7

The are price elasticity of demand is approximately

Question # 8

Economic growth is shown on the production possibility frontier as.

Question # 9

Average fixed cost

Question # 10

A production function for a firm which produces a product with two or more inputs.

Question # 11

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 12

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

Question # 13

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 # 14

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 15

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 16

Holding all other things constant a higher price for ski lift tickets would.

Question # 17

In the short run the competitive firm will produce if.

Question # 18

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 19

Which of the following is correct for the demand and supply schedules given above.

Question # 20

Price discrimination occurs when

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
2 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
3 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
4 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
5 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
6 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30
7 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
8 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
9 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
10 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

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