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

If the income elasticity of demand is +4

Question # 2

In capitalistic economy price is determined by

Question # 3

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 4

An exceptional demand curve is.

Question # 5

The marginal rate of substitution for two goods can be obtained from

Question # 6

Price elasticity at a given price is not affected by.

Question # 7

A combination labour and capital where the cost of an output is minimized is called.

Question # 8

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 9

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

Question # 10

A monopolist who is charging high price operates on.

Question # 11

When the demand curve is vertical its shows that the demand is.

Question # 12

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 13

A monopoly market.

Question # 14

Firm A's margin of safety is.

Question # 15

At level of income and output of 100 in the diagram above

Question # 16

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 17

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 18

In substitution effect a consumer

Question # 19

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

Question # 20

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
2 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
3 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
4 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
5 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even
6 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
7 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
8 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
9 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
10 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200

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