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

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Perfect competition implies

Question # 2

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 3

The income elasticity of inferior goods is

Question # 4

A demand curve is not related to

Question # 5

Goods which can be consume directly are

Question # 6

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 7

Skills that can be transferred to other employers are called.

Question # 8

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

Question # 9

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 10

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

Question # 11

If there is no price surprise, total output is.

Question # 12

If the demand curve for a good is downward sloping then the good must be.

Question # 13

If a good has a lot of substitutes, then its demand is.

Question # 14

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

Question # 15

If a firm triples all inputs and output triples as well the firm is subject to

Question # 16

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

Question # 17

change in quantity demanded

Question # 18

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 19

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

Question # 20

Cross -elasticity following commodities is very high

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
2 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
3 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
4 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even
5 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
6 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
7 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
8 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
9 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
10 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above

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