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

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 2

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

Question # 3

In order to practice price discrimination which of the following is needed.

Question # 4

Indifference curve is alwyas.

Question # 5

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 6

An oligopolistic industry can be characterized by all of the following except

Question # 7

The demand for labor slopes down and to the right because of.

Question # 8

To maximize revenue, an excise tax should be imposed on a product

Question # 9

The long run is a time period that is.

Question # 10

change in quantity demanded

Question # 11

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

Question # 12

The method most commonly used to test the overall significance of a regression is.

Question # 13

A production possibilities curve indicates that when resources are being used efficiently

Question # 14

In long run equilibrium a monopolistically competitive firm will find.

Question # 15

The arc income elasticity of demand is approximately

Question # 16

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 17

If the price of both goods increase by the same percent , the budget line will.

Question # 18

If there is no price surprise, total output is.

Question # 19

Finance minister tax a commodity

Question # 20

Which of the following would cause the demand curve for an input to shift.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
2 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C
3 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
4 Skills that can be transferred to other employers are called.
A. General skills
B. Specific skills
C. Non pecuniary skills
D. All of the above
5 When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.
A. An increase an increase
B. An increase, a decrease
C. A decrease, an increase
D. A decrease, a decrease
6 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
7 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
8 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
9 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
10 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted

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