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

The elasticity of demand for cigarettes by a non smoker is.

Question # 2

In the short run if price falls the firm will respond by

Question # 3

The demand for labor will be more elastic if

Question # 4

The expected profit from the profit distribution above is.

Question # 5

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 # 6

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 7

The key feature of oligopoly is.

Question # 8

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 9

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

Question # 10

According to Keynes, when the great depression started the government should be.

Question # 11

The method most commonly used to test the overall significance of a regression is.

Question # 12

When the demand curve is vertical its shows that the demand is.

Question # 13

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

Question # 14

Which of the following does not apply to pareto efficiency.

Question # 15

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 16

For a competitive firm the demand curve

Question # 17

the ouput where diminishing return to production begin is also the ouput where

Question # 18

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

Question # 19

Law of variable proportion is also called.

Question # 20

The law of diminishing marginal returns to a factor of production is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
2 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
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 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
5 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
6 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
7 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
8 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
9 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above
10 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500

Test Questions