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 indifference curve shows various combinations to goods Which gives the consumer.

Question # 2

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 3

In the short run no firm operates with a loss unless

Question # 4

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 # 5

Indifference curve has following characteristics except.

Question # 6

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 7

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 8

Immediately after a through we would expect to have al

Question # 9

Economic growth is shown on the production possibility frontier as.

Question # 10

In perfect competition the transpiration cost

Question # 11

Which of the following is an automatic stabilizer.

Question # 12

A long-run total cost curve can be constructed from

Question # 13

Which of the following does not apply to pareto efficiency.

Question # 14

The largest source of tax revenue for the federal government is

Question # 15

Cardinal approach theory was presented by

Question # 16

Holding all other things constant a higher price for ski lift tickets would.

Question # 17

Extension and contraction of demand mean

Question # 18

A demand curve is not related to

Question # 19

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

Question # 20

Price elasticity at a given price is not affected by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
2 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
3 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
4 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity
5 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
6 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
7 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
8 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
9 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.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
10 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.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A

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