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

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 2

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 3

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 4

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

Question # 5

In long run equilibrium a monopolistically competitive firm will find.

Question # 6

If the demand curve for a good is downward sloping then the good must be.

Question # 7

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 8

The demand for labor is the same as the

Question # 9

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

Question # 10

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

Question # 11

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.

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

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 14

In Production of goods and services tradeoffs exist becasue.

Question # 15

Disposable income is equal to.

Question # 16

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 17

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

Question # 18

A firm's long run average total cost lineis

Question # 19

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 20

Skills that embodied in a person are called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
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 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
4 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
5 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.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
6 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
7 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
8 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
9 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
10 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms

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