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

The income elasticity of demand

Question # 2

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 3

Skills that can be transferred to other employers are called.

Question # 4

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 5

A typical demand curve cannot be

Question # 6

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

Question # 7

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 8

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 9

Finance minister tax a commodity

Question # 10

In long run equilibrium a monopolistically competitive firm will find.

Question # 11

Economists tend to disagree primarily about.

Question # 12

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 13

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 14

If average variable cos tis less then marginal cost then certainly.

Question # 15

A firm that is a price taker faces a perfectly

Question # 16

The demand for labor is the same as the

Question # 17

Firm A's annual profit is.

Question # 18

In perfect competition there is.

Question # 19

A monopolist will maximize profit.

Question # 20

An oligopolistic industry can be characterized by all of the following except

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
2 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
3 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
4 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
5 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
6 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
7 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
8 Cross -elasticity following commodities is very high
A. Compliments
B. Normal
C. Goods substitutes
D. Good compliments
9 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
10 In price discrimination, which section of the market is charged the higher price.
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand

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