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

A long-run total cost curve can be constructed from

Question # 2

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 3

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

Question # 4

Along the long run supply curve all of the following can vary except.

Question # 5

The market demand for a product is found by

Question # 6

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 7

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 8

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

Question # 9

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

Question # 10

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

Question # 11

The arc elasticity formula is used to estimate elasticity when

Question # 12

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 13

Extension and contraction of demand mean

Question # 14

Micro economics is the study of.

Question # 15

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 16

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 17

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

Question # 18

The competitive firm maximizes its profit by operating where

Question # 19

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
2 A price decrease and an increase in income are similar in that
A. Both force the consumer to achieve a lower level of well being
B. Both force the consumer to reach a lower indifference curve
C. Both move the budget line outward
D. They are not similar at all
3 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
4 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
5 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
6 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
7 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
8 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
9 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
10 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

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