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

Economic growth is shown on the production possibility frontier as.

Question # 2

In order to constitute an oligopolistic market structure.

Question # 3

The tax is question 52 is

Question # 4

Cardinal approach theory was presented by

Question # 5

Which of the following is an automatic stabilizer.

Question # 6

Foundation of law of demand is.

Question # 7

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 # 8

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 9

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 10

The "compensated" demand curve is the demand curve that.

Question # 11

The monopolization of the competitive market results in a deadweight loss to society of

Question # 12

Elasticity of demand of luxurious goods is always more elastic

Question # 13

The elasticity of demand for cigarettes by a non smoker is.

Question # 14

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 15

In price discrimination, which section of the market is charged the higher price.

Question # 16

If a good is normal then the demand curve for that good must be.

Question # 17

the ouput where diminishing return to production begin is also the ouput where

Question # 18

An increase in price causes an increase in total revenue when.

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
3 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
4 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
5 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
6 If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
7 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
8 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
9 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
10 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time

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