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

  • Total Questions20

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 2

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 # 3

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

Question # 4

Law of variable proportion is also called.

Question # 5

Which of the following groups is most hurt by unexpected inflation.

Question # 6

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

Question # 7

An elasticity coefficient of -1 means that

Question # 8

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 # 9

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 10

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

Question # 11

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 # 12

The total utility of the third unit of product x is.

Question # 13

A normal good can be defined as one which consumers purchase more of as.

Question # 14

According to Keynes, when the great depression started the government should be.

Question # 15

A price cross elasticity of 0.81 between X and Y shows that.

Question # 16

When the demand curve is vertical its shows that the demand is.

Question # 17

In long run equilibrium a monopolistically competitive firm will find.

Question # 18

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

Question # 19

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 20

The largest source of tax revenue for the federal government is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
2 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
3 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
4 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
5 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.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y
6 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
7 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
8 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
9 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.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
10 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.

Test Questions

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