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

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

Question # 2

Law of variable proportion sis applicable in.

Question # 3

Law of variable proportion is also called.

Question # 4

Firm A's margin of safety is.

Question # 5

Which of the following is a characteristic of monopolistic competition.

Question # 6

The marginal rate of substitution for two goods can be obtained from

Question # 7

A monopolist who is charging high price operates on.

Question # 8

Which of the following is correct with respect to the Paasche index.

Question # 9

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 10

Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.

Question # 11

"Principles of economics" is the book of

Question # 12

Average fixed cost

Question # 13

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 14

A firm that is a price taker faces a perfectly

Question # 15

In order to constitute an oligopolistic market structure.

Question # 16

Indifference curve approach is also called.

Question # 17

If there is no price surprise, total output is.

Question # 18

change in quantity demanded

Question # 19

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 20

If A is preferred to B and B is preferred to C and there is indifference between A and D

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
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.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
4 The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.
A. 6%
B. 8%
C. 10%
D. 9%
5 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
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 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
8 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
9 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
10 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases

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