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

The demand for labor is the same as the

Question # 2

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 3

If a monopolist faces a downward sloping market demand curve its.

Question # 4

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

Question # 5

Which of the following taxes is regressive

Question # 6

If average variable cos tis less then marginal cost then certainly.

Question # 7

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 # 8

Oligopoly is a market structure in which

Question # 9

Indifference curve is alwyas.

Question # 10

The tax is question 52 is

Question # 11

A demand curve shows that relation between price and demand.

Question # 12

When there is a surplus in a market

Question # 13

In the long run a profit maximizing monopoly produces an output volume that

Question # 14

The are price elasticity of demand is approximately

Question # 15

A production possibilities curve indicates that when resources are being used efficiently

Question # 16

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 17

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 18

The exit of firms out of a competitive market causes the supply curve to.

Question # 19

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 20

If there is no price surprise, total output is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
3 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities
4 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
5 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
6 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
7 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin
8 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
9 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
10 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.

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