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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 2

Law of variable proportion is also called.

Question # 3

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

Question # 4

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 # 5

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

Question # 6

Law of variable proportion sis applicable in.

Question # 7

For a competitive firm the demand curve

Question # 8

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 9

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 10

An elasticity coefficient of -1 means that

Question # 11

Which of the following does not apply to pareto efficiency.

Question # 12

In perfect competition there is.

Question # 13

The supply curve of a perfectly competitive firm

Question # 14

Price discrimination occurs when

Question # 15

In the short run a competitive firm's supply curve is.

Question # 16

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 17

In monopsony there is

Question # 18

A demand curve is not related to

Question # 19

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 20

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
2 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
3 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
4 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
5 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
6 When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
7 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
8 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
9 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
10 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market

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