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

In monopsony there is

Question # 2

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 # 3

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 4

An -increase the expected future price of a good.

Question # 5

The price elasticity of demand is teh same thing as the negative of the

Question # 6

A monopolist will maximize profit.

Question # 7

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 8

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

Question # 9

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

Question # 10

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 # 11

When a tax is levied on a good.

Question # 12

When the quantity demanded is changed on the same price

Question # 13

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

Question # 14

The "Law of demand" most directly means that consumers buy

Question # 15

The most important determinant of price elasticity is.

Question # 16

Marginal cost is the change is cost the result from a one unit increase in.

Question # 17

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 18

In contract to perfectly competitive markets monopolists

Question # 19

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 20

If a good is normal then the demand curve for that good must be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the prices of both goods increase by the same percent the budget line will
A. Shift parallel to the left
B. shift parallel to the right
C. Pivot about the x axis
D. Pivot abut the Y axis
2 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
3 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
4 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
5 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
6 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
7 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
8 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
9 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
10 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b

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