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

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 2

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

Question # 3

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 4

Micro economics studies such topics as

Question # 5

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 6

The income elasticity of inferior goods is

Question # 7

A combination labour and capital where the cost of an output is minimized is called.

Question # 8

The arc income elasticity of demand is approximately

Question # 9

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

Question # 10

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 11

As long as all prices remain constant an increase in money income results in.

Question # 12

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 13

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

Question # 14

If the price of an apple increases.

Question # 15

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 16

The Lorenz curve shows that

Question # 17

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

Question # 18

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

Question # 19

The competitive firm maximizes its profit by operating where

Question # 20

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
2 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
3 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
4 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
5 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
6 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
7 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
8 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
9 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30
10 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

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