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

Average fixed cost

Question # 2

When economists say that a per son is economizing they mean that the person is.

Question # 3

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

Question # 4

The largest source of tax revenue for the federal government is

Question # 5

Labour has the following characteristics accept one.

Question # 6

The key feature of oligopoly is.

Question # 7

In the short run the competitive firm will produce if.

Question # 8

Law of variable proportion is also called.

Question # 9

Skills that embodied in a person are called.

Question # 10

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 11

The expected profit from the profit distribution above is.

Question # 12

If the income elasticity of demand is +4

Question # 13

A monopsony is

Question # 14

The Lorenz curve shows that

Question # 15

Which of the following does not apply to pareto efficiency.

Question # 16

Which of the following does not represent a barrier to entry into a market.

Question # 17

MC = MR= AR=AC = Price shows the longs run

Question # 18

In perfect competition there is.

Question # 19

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

Question # 20

If a firm which polluted the water of area had to pay all social cost would have

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
2 The largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
3 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
4 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
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 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
7 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
8 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
9 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
10 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent

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