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

The short run supply curve for a competitive industry is derived by.

Question # 2

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 3

Indifference curve is alwyas.

Question # 4

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 5

Law of variable proportion is also called.

Question # 6

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 7

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

Question # 8

The most important determinant of price elasticity is.

Question # 9

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 # 10

Under perfect competition, the price system automatically result in efficient output selection when

Question # 11

In a typical cartel agreement the cartel maximizes profit when it.

Question # 12

In the short run no firm operates with a loss unless

Question # 13

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

Question # 14

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 15

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 16

A monopsony is

Question # 17

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 18

An oligopolistic industry can be characterized by all of the following except

Question # 19

Skills that can be transferred to other employers are called.

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
2 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
3 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
4 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
5 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
6 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
7 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
8 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
9 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
10 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above

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