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 Production of goods and services tradeoffs exist becasue.

Question # 2

The law of diminishing marginal returns to a factor of production is.

Question # 3

A monopoly there is

Question # 4

An income demanded curve of an inferior good is.

Question # 5

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 # 6

In perfect competition, a seller by increasing price.

Question # 7

Which of the following does not apply to pareto efficiency.

Question # 8

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 9

In monopolistic competition firm sell

Question # 10

Finance minister tax a commodity

Question # 11

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 12

Indifference curve is alwyas.

Question # 13

In contract to perfectly competitive markets monopolists

Question # 14

The demand for labor will be more elastic if

Question # 15

Labour has the following characteristics accept one.

Question # 16

The epigram "time is money" expresses , in part, the concept of.

Question # 17

The most important determinant of price elasticity is.

Question # 18

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

Question # 19

A profit maximizing monopolist in two separate markets will

Question # 20

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
3 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
4 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
5 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
6 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
7 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
8 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
9 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
10 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2

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