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

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 2

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

Question # 3

When goods are compliments the cross demand curve

Question # 4

Which of the following is an automatic stabilizer.

Question # 5

Which of the following is correct with respect to the Paasche index.

Question # 6

The demand curve of unitary elastic commodity is.

Question # 7

What is the production level for public good W, if the government uses full cost pricing.

Question # 8

When the quantity demanded is changed on the same price

Question # 9

If leisure is an inferior good the individuals supply curve for labor is.

Question # 10

The demand for labor is the same as the

Question # 11

Law of variable proportion sis applicable in.

Question # 12

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

Question # 13

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 14

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 15

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

Question # 16

In perfect competition there is.

Question # 17

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 18

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

Question # 19

In perfect competition, a seller by increasing price.

Question # 20

The epigram "time is money" expresses , in part, the concept of.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
2 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
3 Which of the following is a characteristic 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 quality price and marketing
D. When firms are free is enter and exit the market
4 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
5 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above
6 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
7 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
8 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
9 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.
10 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above

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