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

00:00
Question # 1

In perfect competition there is.

Question # 2

As long as all prices remain constant an increase in money income results in.

Question # 3

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 4

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

Question # 5

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 6

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 # 7

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

Question # 8

In the short run a competitive firm's supply curve is.

Question # 9

The ABC corporation.

Question # 10

The total utility of the third unit of product x is.

Question # 11

The exit of firms out of a competitive market causes the supply curve to.

Question # 12

When the quantity demanded is changed on the same price

Question # 13

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 14

Which of the following is a function of money

Question # 15

Firms in monopolistic competition compete on

Question # 16

Law of demand is not applicable on

Question # 17

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

Question # 18

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

Question # 19

Which of the following is correct for the demand and supply schedules given above.

Question # 20

The income elasticity of inferior goods is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
2 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
3 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
4 Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
5 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
6 Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.
A. Fall
B. Double
C. Increase
D. Halve
7 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
8 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
9 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
10 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply

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