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

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 2

A demand curve shows that relation between price and demand.

Question # 3

Which of the following groups is most hurt by unexpected inflation.

Question # 4

A combination labour and capital where the cost of an output is minimized is called.

Question # 5

Which of the following is a characteristics of monopolistic competition.

Question # 6

The arc income elasticity of demand is approximately

Question # 7

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 8

Which of the following is a characteristic of monopolistic competition.

Question # 9

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 10

If the income elasticity of demand is +4

Question # 11

When goods are compliments the cross demand curve

Question # 12

When there is a surplus in a market

Question # 13

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

Question # 14

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

Question # 15

In monopoly there is.

Question # 16

If the prices of both goods increase by the same percent the budget line will

Question # 17

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 18

Disposable income is equal to.

Question # 19

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

Question # 20

If a monopolist faces a downward sloping market demand curve its.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
2 If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
3 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
4 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
5 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
6 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
7 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
8 If the demand curve for a good is downward sloping then the good must be.
A. Normal
B. Inferior
C. Giffen
D. Either a or b
9 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
10 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.

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