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

An income demanded curve of an inferior good is.

Question # 2

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 3

When there is a surplus in a market

Question # 4

In monopoly there is.

Question # 5

Law of variable proportion sis applicable in.

Question # 6

If leisure is an inferior good the individuals supply curve for labor is.

Question # 7

One of the following has more elastic demand.

Question # 8

The tax is question 52 is

Question # 9

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 10

A typical demand curve cannot be

Question # 11

Perfect competition implies

Question # 12

What is the production level for public good W, if the government uses full cost pricing.

Question # 13

Price discrimination occurs when

Question # 14

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 # 15

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 # 16

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

Question # 17

The income elasticity of inferior goods is

Question # 18

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 19

A price cross elasticity of 0.81 between X and Y shows that.

Question # 20

When a tax is levied on a good.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
2 If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
3 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
4 How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%
A. Rs.1654.29
B. Rs.100.00
C. Rs.94.00
D. Rs.68.00
5 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
6 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
7 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
8 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
9 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
10 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D

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