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 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 # 2

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

Question # 3

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

Question # 4

The supply curve of a perfectly competitive firm

Question # 5

If the price of an apple increases.

Question # 6

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

Question # 7

The demand curve of unitary elastic commodity is.

Question # 8

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 9

Skills that embodied in a person are called.

Question # 10

In substitution effect a consumer

Question # 11

Which of the following is correct with respect to the Paasche index.

Question # 12

A monopolist will maximize profit.

Question # 13

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 14

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.

Question # 15

When the quantity demanded is changed on the same price

Question # 16

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 17

Which skills are most likely to be paid for by the employer.

Question # 18

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

Question # 19

Law of variable proportion is also called.

Question # 20

Under perfect competition, the price system automatically result in efficient output selection when

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition
2 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
3 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
4 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
5 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity
6 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
7 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.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
8 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
9 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30
10 The Lorenz curve shows that
A. unemployment does not affect social group
B. People with low income spend more
C. People with low income spend less
D. the degree of income equality in the economy

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