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 groups is most hurt by unexpected inflation.

Question # 2

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

Question # 3

The long run is a time period that is.

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

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 6

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

Question # 7

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 8

In an industry with a falling long term supply curve, which of the following is true.

Question # 9

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 10

In the short run if price falls the firm will respond by

Question # 11

Economic growth is shown on the production possibility frontier as.

Question # 12

A long-run total cost curve can be constructed from

Question # 13

Indifference curve is alwyas.

Question # 14

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

Question # 15

The Lorenz curve shows that

Question # 16

If the price of product X falls and this change increases the demand for product Y then.

Question # 17

The arc elasticity formula is used to estimate elasticity when

Question # 18

As long as all prices remain constant an increase in money income results in.

Question # 19

In monopolistic competition firm sell

Question # 20

Cardinal approach theory was presented by

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
2 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
3 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
4 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
5 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
6 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
7 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
8 One of the following has more elastic demand.
A. A commodity with substitutes
B. A commodity having more than one use
C. A commodity commonly use
D. None of these
9 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
10 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity

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