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

Cross -elasticity following commodities is very high

Question # 2

A demand curve that is an equilateral hyperbola is.

Question # 3

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 4

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 5

The long run is a time period that is.

Question # 6

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

Question # 7

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 8

Immediately after a through we would expect to have al

Question # 9

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

Question # 10

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 11

A demand curve shows that relation between price and demand.

Question # 12

Holding all other things constant a higher price for ski lift tickets would.

Question # 13

If the demand curve for a good is downward sloping then the good must be.

Question # 14

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 15

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 16

The supply curve of a monopolist is always.

Question # 17

The demand for labor slopes down and to the right because of.

Question # 18

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

Question # 19

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 20

In a perfectly competitive market if firms are earning an economic profit the economic profit.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
2 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
3 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
4 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
5 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
6 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C
7 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
8 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
9 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
10 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen

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