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

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

The ABC corporation.

Question # 3

change in quantity demanded

Question # 4

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 # 5

An -increase the expected future price of a good.

Question # 6

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 7

When goods are compliments the cross demand curve

Question # 8

Foundation of law of demand is.

Question # 9

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 10

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

Question # 11

A normal good can be defined as one which consumers purchase more of as.

Question # 12

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 13

Firm A's margin of safety is.

Question # 14

Micro economics is the study of.

Question # 15

Which of the following is a function of money

Question # 16

Which of the following does not apply to pareto efficiency.

Question # 17

When economists say that a per son is economizing they mean that the person is.

Question # 18

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 19

"Principles of economics" is the book of

Question # 20

A demand curve that is an equilateral hyperbola is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
2 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900
3 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
4 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
5 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
6 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
7 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.
8 If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
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 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

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