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

00:00
Question # 1

The arc elasticity formula is used to estimate elasticity when

Question # 2

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 3

Indifference curve has following characteristics except.

Question # 4

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 5

In the short run the competitive firm will produce if.

Question # 6

Allocative efficiency is achieved under which of the following market structures.

Question # 7

Which of the following does not apply to pareto efficiency.

Question # 8

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 9

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 10

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 11

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 12

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 13

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

Question # 14

Price discrimination occurs when

Question # 15

Which of the following is not a basic assumption of perfect competition.

Question # 16

If the demand curve for a good is downward sloping then the good must be.

Question # 17

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 18

If leisure is an inferior good the individuals supply curve for labor is.

Question # 19

In perfect competition there is.

Question # 20

The long run is a time period that is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
2 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve
3 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
4 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
5 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
6 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
7 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
8 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
9 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.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
10 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

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