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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

The arc income elasticity of demand is approximately

Question # 2

A demand curve is not related to

Question # 3

Economists tend to disagree primarily about.

Question # 4

For a competitive firm the demand curve

Question # 5

Firms in monopolistic competition compete on

Question # 6

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

Question # 7

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 8

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 9

In perfect competition the industry will be in equilibrium.

Question # 10

A monopsony is

Question # 11

Which of the following would cause the demand curve for an input to shift.

Question # 12

Which of the following is not a basic assumption of perfect competition.

Question # 13

If the price of product X falls and this change increases the demand for product Y then.

Question # 14

Skills that can be transferred to other employers are called.

Question # 15

A typical demand curve cannot be

Question # 16

A price decrease and an increase in income are similar in that

Question # 17

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 18

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 19

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

Question # 20

One of the following has more elastic demand.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
2 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
3 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
4 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
5 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
6 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.
7 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
8 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
9 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
10 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47

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