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

When economists say that a per son is economizing they mean that the person is.

Question # 2

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 # 3

An -increase the expected future price of a good.

Question # 4

Law of demand is not applicable on

Question # 5

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 6

A monopolist will discontinue production if

Question # 7

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 8

In capitalistic economy price is determined by

Question # 9

The arc elasticity formula is used to estimate elasticity when

Question # 10

When goods are compliments the cross demand curve

Question # 11

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

Question # 12

The price elasticity of demand is teh same thing as the negative of the

Question # 13

Price elasticity at a given price is not affected by.

Question # 14

The same graph shows that the firm order to maximize profits , should produce.

Question # 15

MC = MR= AR=AC = Price shows the longs run

Question # 16

The are price elasticity of demand is approximately

Question # 17

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.

Question # 18

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 19

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
2 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
3 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
4 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
5 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
6 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
7 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
8 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
9 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
10 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.

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