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

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PPSC Economics Topic 2 Micro Economics

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Question # 1

In monopoly the firm can

Question # 2

Law of demand is not applicable on

Question # 3

In monopolistic competition firm sell

Question # 4

In monopoly there is.

Question # 5

If the price of both goods increase by the same percent , the budget line will.

Question # 6

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

Question # 7

Labour has the following characteristics accept one.

Question # 8

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 9

Along the long run supply curve all of the following can vary except.

Question # 10

In capitalistic economy price is determined by

Question # 11

The ABC corporation.

Question # 12

When the quantity demanded is changed on the same price

Question # 13

A price decrease and an increase in income are similar in that

Question # 14

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 15

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

Question # 16

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

Question # 17

Goods which can be consume directly are

Question # 18

The total utility of the third unit of product x is.

Question # 19

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 20

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

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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 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
3 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
4 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.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
5 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
6 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
7 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
8 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
9 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
10 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.

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