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

Which of the following would cause the demand curve for an input to shift.

Question # 2

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

Question # 3

Short run is a time frame where a firm can change its.,

Question # 4

A monopolist will maximize profit.

Question # 5

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 6

The demand for labor will be more elastic if

Question # 7

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

Question # 8

A demand curve is not related to

Question # 9

A demand curve shows that relation between price and demand.

Question # 10

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

Question # 11

A firm that is a price taker faces a perfectly

Question # 12

When the quantity demanded is changed on the same price

Question # 13

A combination labour and capital where the cost of an output is minimized is called.

Question # 14

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 15

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

Question # 16

If the price of product X falls and this change increases the demand for product Y then.

Question # 17

A long-run total cost curve can be constructed from

Question # 18

In contract to perfectly competitive markets monopolists

Question # 19

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

Question # 20

Which of the following groups is most hurt by unexpected inflation.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
2 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
3 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
4 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
5 The largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
6 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
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 Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.
A. Fall
B. Double
C. Increase
D. Halve
9 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
10 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38

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