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

The arc elasticity formula is used to estimate elasticity when

Question # 2

A profit maximizing monopolist in two separate markets will

Question # 3

The market demand for a product is found by

Question # 4

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 5

A typical demand curve cannot be

Question # 6

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

Question # 7

A negatively sloped isoquant implies

Question # 8

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.

Question # 9

If a good has a lot of substitutes, then its demand is.

Question # 10

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

Question # 11

Foundation of law of demand is.

Question # 12

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 13

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 14

Which of the following is a function of money

Question # 15

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 16

The income elasticity of inferior goods is

Question # 17

Which of the following shifts the demand curve for hot dogs leftward.

Question # 18

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 19

In the short run the competitive firm will produce if.

Question # 20

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
2 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
3 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market
4 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
5 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
6 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
7 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities
8 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
9 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
10 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex

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