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

00:00
Question # 1

In substitution effect a consumer

Question # 2

The conditions necessary for a firm to be able to price discriminate include.

Question # 3

A negatively sloped isoquant implies

Question # 4

Finance minister tax a commodity

Question # 5

The elasticity of demand for cigarettes by a non smoker is.

Question # 6

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

Question # 7

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 8

The demand curve of unitary elastic commodity is.

Question # 9

A demand curve is not related to

Question # 10

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 # 11

Firm A's margin of safety is.

Question # 12

Along the long run supply curve all of the following can vary except.

Question # 13

A combination labour and capital where the cost of an output is minimized is called.

Question # 14

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 15

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

Question # 16

Labour has the following characteristics accept one.

Question # 17

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 18

Law of variable proportion sis applicable in.

Question # 19

If a good has a lot of substitutes, then its demand is.

Question # 20

In price discrimination, which section of the market is charged the higher price.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
2 A price decrease and an increase in income are similar in that
A. Both force the consumer to achieve a lower level of well being
B. Both force the consumer to reach a lower indifference curve
C. Both move the budget line outward
D. They are not similar at all
3 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
4 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
5 Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.
A. Fall
B. Double
C. Increase
D. Halve
6 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
7 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
8 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
9 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
10 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition

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