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

Cross -elasticity following commodities is very high

Question # 2

Finance minister tax a commodity

Question # 3

The marginal rate of substitution of two goods can be obtain from

Question # 4

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

Question # 5

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 6

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 7

In perfect competition price is settled by

Question # 8

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

Question # 9

Firms in monopolistic competition compete on

Question # 10

Which of the following explains why demand curves slope downward.

Question # 11

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

Question # 12

The Lorenz curve shows that

Question # 13

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 # 14

If a monopoly is unable to cover its short run variable costs, if should.

Question # 15

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.

Question # 16

If the price of both goods increase by the same percent , the budget line will.

Question # 17

Which of the following is an automatic stabilizer.

Question # 18

In the short run, the supply of farm commodities is.

Question # 19

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

Question # 20

Which of the following is a characteristics of monopolistic competition.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
2 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
3 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
4 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
5 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
6 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
7 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
8 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
9 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
10 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer

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