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

An exceptional demand curve is.

Question # 2

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 3

In the long run a profit maximizing firm will choose to exit a market when

Question # 4

The same graph shows that the firm order to maximize profits , should produce.

Question # 5

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.

Question # 6

The "Law of demand" most directly means that consumers buy

Question # 7

Indifference curve has following characteristics except.

Question # 8

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 9

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 10

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 11

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

Question # 12

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 # 13

An -increase the expected future price of a good.

Question # 14

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 15

In perfect competition, a seller by increasing price.

Question # 16

Micro economics is the study of.

Question # 17

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 18

Disposable income is equal to.

Question # 19

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 20

In substitution effect a consumer

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
2 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
3 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
4 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
5 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
6 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
7 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
8 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
9 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
10 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

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