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

One of the following has more elastic demand.

Question # 2

If there is no price surprise, total output is.

Question # 3

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 4

A monopolist who is charging high price operates on.

Question # 5

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

Question # 6

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 7

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

Question # 8

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 9

The conditions necessary for a firm to be able to price discriminate include.

Question # 10

The supply curve of a monopolist is always.

Question # 11

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.

Question # 12

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 13

The marginal rate of substitution for two goods can be obtained from

Question # 14

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 15

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

Question # 16

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 17

Elasticity of demand of luxurious goods is always more elastic

Question # 18

In perfect competition price is settled by

Question # 19

A typical demand curve cannot be

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
2 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
3 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
4 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
5 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.
A. 6%
B. 8%
C. 10%
D. 9%
6 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
7 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
8 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
9 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
10 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply

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