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

00:00
Question # 1

"Treating an individual as typical of a group" in the definition of.

Question # 2

Average fixed cost

Question # 3

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

Question # 4

Micro economics is the study of.

Question # 5

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

Question # 6

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

Question # 7

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 # 8

Law of variable proportion is also called.

Question # 9

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

Question # 10

Price discrimination is possible

Question # 11

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 # 12

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

Question # 13

In an industry with a falling long term supply curve, which of the following is true.

Question # 14

A normal good can be defined as one which consumers purchase more of as.

Question # 15

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

Question # 16

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 17

The income effect of a price change

Question # 18

The key feature of oligopoly is.

Question # 19

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 20

In perfect competition the transpiration cost

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
2 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
3 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
4 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
5 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
6 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
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 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
9 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
10 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods

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