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

Indifference curve has following characteristics except.

Question # 2

The total utility of the third unit of product x is.

Question # 3

Law of variable proportion sis applicable in.

Question # 4

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 5

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 6

A profit maximizing monopolist in two separate markets will

Question # 7

Price elasticity at a given price is not affected by.

Question # 8

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 9

Elasticity of demand of luxurious goods is always more elastic

Question # 10

If a firm which polluted the water of area had to pay all social cost would have

Question # 11

Holding all other things constant a higher price for ski lift tickets would.

Question # 12

Finance minister tax a commodity

Question # 13

Immediately after a through we would expect to have al

Question # 14

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.

Question # 15

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 16

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 17

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

Question # 18

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

Question # 19

Which of the following does not characterize monopolistic competition.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
2 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
3 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
4 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
5 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
6 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
7 The largest source of tax revenue for the federal government is
A. The prerenal income tax
B. The social security tax
C. the property tax
D. The sales tax
8 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.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
9 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
10 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

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