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

An income demanded curve of an inferior good is.

Question # 2

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 3

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

Question # 4

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 # 5

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

Question # 6

When there is a surplus in a market

Question # 7

The long run is a time period that is.

Question # 8

The price elasticity of demand is teh same thing as the negative of the

Question # 9

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

Question # 10

In perfect competition price is settled by

Question # 11

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

Question # 12

When a tax is levied on a good.

Question # 13

A demand curve shows that relation between price and demand.

Question # 14

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 15

Which of the following taxes is regressive

Question # 16

The arc elasticity formula is used to estimate elasticity when

Question # 17

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

Question # 18

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

Question # 19

One of the following has more elastic demand.

Question # 20

An elasticity coefficient of -1 means that

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
2 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
3 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
4 change in quantity demanded
A. Downward shift of demand curve
B. Movement on the same demand curve
C. Downward shift
D. None of these
5 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
6 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
7 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
8 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
9 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
10 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination

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