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

A long-run total cost curve can be constructed from

Question # 2

The expected profit from the profit distribution above is.

Question # 3

In monopoly there is.

Question # 4

In perfect competition the industry will be in equilibrium.

Question # 5

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 # 6

The are price elasticity of demand is approximately

Question # 7

Price elasticity at a given price is not affected by.

Question # 8

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 9

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

Question # 10

The most important determinant of price elasticity is.

Question # 11

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 12

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 # 13

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

Question # 14

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 15

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 16

In monopoly the firm can

Question # 17

If there is no price surprise, total output is.

Question # 18

Elasticity of demand of luxurious goods is always more elastic

Question # 19

An income demanded curve of an inferior good is.

Question # 20

In Production of goods and services tradeoffs exist becasue.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
2 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
3 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
4 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
5 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
6 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
7 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
8 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
9 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
10 As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.
A. .6
B. .8
C. .4
D. .2

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