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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

The are price elasticity of demand is approximately

Question # 2

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 3

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 4

Foundation of law of demand is.

Question # 5

If the income elasticity of demand is +4

Question # 6

The supply curve of a perfectly competitive firm

Question # 7

change in quantity demanded

Question # 8

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 9

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

Question # 10

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 11

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 12

The long run is a time period that is.

Question # 13

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

Question # 14

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 15

The short run supply curve for a competitive industry is derived by.

Question # 16

The market demand for a product is found by

Question # 17

Economic growth is shown on the production possibility frontier as.

Question # 18

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 19

A market demand curve can be derived by adding all the individual demand curves

Question # 20

Law of demand is not applicable on

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
2 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
3 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
4 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
5 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
6 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
7 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.
8 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
9 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
10 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic

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