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 supply curve of a monopolist is always.

Question # 2

Cross -elasticity following commodities is very high

Question # 3

In monopoly there is.

Question # 4

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 5

An income demanded curve of an inferior good is.

Question # 6

Which of the following explains why demand curves slope downward.

Question # 7

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

Question # 8

Which of the following correct about firms in an oligopoly.

Question # 9

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 10

Average fixed cost

Question # 11

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

Question # 12

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 13

What is the production level for public good W, if the government uses full cost pricing.

Question # 14

A typical demand curve cannot be

Question # 15

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 16

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 17

Micro economics studies such topics as

Question # 18

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

Question # 19

Goods which can be consume directly are

Question # 20

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
2 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
3 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
4 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
5 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
6 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
7 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
8 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%
9 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
10 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells

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