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 estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 2

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

Question # 3

Skills that can be transferred to other employers are called.

Question # 4

A price cross elasticity of 0.81 between X and Y shows that.

Question # 5

change in quantity demanded

Question # 6

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

Question # 7

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

Question # 8

A demand curve is not related to

Question # 9

In perfect competition the industry will be in equilibrium.

Question # 10

In monopoly there is.

Question # 11

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 12

Skills that embodied in a person are called.

Question # 13

The tax is question 52 is

Question # 14

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 15

Which of the following would cause the demand curve for an input to shift.

Question # 16

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 17

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 18

In monopolistic competition firm sell

Question # 19

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 20

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
2 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
3 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
4 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
5 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
6 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
7 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
8 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
9 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
10 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.

Test Questions

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