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

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Question # 1

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 2

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 3

Elasticity of demand of luxurious goods is always more elastic

Question # 4

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.

Question # 5

Which of the following is an automatic stabilizer.

Question # 6

In monopsony there is

Question # 7

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 8

If the price of an apple increases.

Question # 9

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

Question # 10

Perfect competition implies

Question # 11

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

Question # 12

Economists tend to disagree primarily about.

Question # 13

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

Question # 14

In capitalistic economy price is determined by

Question # 15

The arc elasticity formula is used to estimate elasticity when

Question # 16

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

Question # 17

Duopoly is a market situation when there is

Question # 18

Goods which can be consume directly are

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
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 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
4 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
5 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
6 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
7 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
8 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
9 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
10 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.

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