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

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 2

Skills that can be transferred to other employers are called.

Question # 3

A firm that is a price taker faces a perfectly

Question # 4

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

Question # 5

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

Question # 6

The method most commonly used to test the overall significance of a regression is.

Question # 7

Skills that embodied in a person are called.

Question # 8

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 9

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

Question # 10

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 11

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

Question # 12

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

Question # 13

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

Question # 14

Cardinal approach theory was presented by

Question # 15

In monopsony there is

Question # 16

In substitution effect a consumer

Question # 17

An exceptional demand curve is.

Question # 18

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

Question # 19

Short run is a time frame where a firm can change its.,

Question # 20

Disposable income is equal to.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. An increase an increase
B. An increase, a decrease
C. A decrease, an increase
D. A decrease, a decrease
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 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
4 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
5 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
6 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
7 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
8 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
9 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve
10 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve

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