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

Cardinal approach theory was presented by

Question # 2

Finance minister tax a commodity

Question # 3

Which of the following explains why demand curves slope downward.

Question # 4

Duopoly is a market situation when there is

Question # 5

A firm that is a price taker faces a perfectly

Question # 6

A normal good can be defined as one which consumers purchase more of as.

Question # 7

Which skills are most likely to be paid for by the employer.

Question # 8

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 9

Skills that can be transferred to other employers are called.

Question # 10

Disposable income is equal to.

Question # 11

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 12

In substitution effect a consumer

Question # 13

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 14

The tax is question 52 is

Question # 15

Economic growth is shown on the production possibility frontier as.

Question # 16

The income elasticity of inferior goods is

Question # 17

A production possibilities curve indicates that when resources are being used efficiently

Question # 18

Oligopoly is a market structure in which

Question # 19

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

Question # 20

A typical demand curve cannot be

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
2 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
3 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
4 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
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
5 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
6 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
7 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
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 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time
10 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

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