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

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 2

Disposable income is equal to.

Question # 3

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

Question # 4

Which of the following is NOT an example of non price competition the auto industry.

Question # 5

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.

Question # 6

Economists tend to disagree primarily about.

Question # 7

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 8

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 9

The supply curve of a monopolist is always.

Question # 10

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

Question # 11

Which of the following is not a basic assumption of perfect competition.

Question # 12

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.

Question # 13

Indifference curve approach is also called.

Question # 14

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 # 15

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

Question # 16

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 17

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 18

Firms entering a perfectly competitive market will cause the price of the product to

Question # 19

The arc income elasticity of demand is approximately

Question # 20

If the price of both goods increase by the same percent , the budget line will.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 "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
2 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
3 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
4 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.
5 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
6 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
7 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
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 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
10 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even

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