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 groups is most hurt by unexpected inflation.

Question # 2

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 # 3

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 4

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 5

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 6

The demand for labor slopes down and to the right because of.

Question # 7

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

Question # 8

In perfect competition the transpiration cost

Question # 9

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

Question # 10

The firms average variable cost of the 150th unit is.

Question # 11

A monopoly market.

Question # 12

A negatively sloped isoquant implies

Question # 13

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 14

The ABC corporation.

Question # 15

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

Question # 16

In capitalistic economy price is determined by

Question # 17

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 18

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 19

In monopolistic competition firm sell

Question # 20

The arc income elasticity of demand is approximately

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
3 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
4 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
5 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
6 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
7 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
8 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents
9 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
10 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these

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