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

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

Question # 2

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 # 3

Labour has the following characteristics accept one.

Question # 4

An elasticity coefficient of -1 means that

Question # 5

The total utility of the third unit of product x is.

Question # 6

Which of the following is correct for the demand and supply schedules given above.

Question # 7

If the price of an apple increases.

Question # 8

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

Question # 9

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 10

A negatively sloped isoquant implies

Question # 11

If a firm which polluted the water of area had to pay all social cost would have

Question # 12

If the demand curve for a good is downward sloping then the good must be.

Question # 13

For a competitive firm the demand curve

Question # 14

A price decrease and an increase in income are similar in that

Question # 15

The exit of firms out of a competitive market causes the supply curve to.

Question # 16

When goods are compliments the cross demand curve

Question # 17

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 18

An income demanded curve of an inferior good is.

Question # 19

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 20

If there is no price surprise, total output is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
2 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
3 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
4 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
5 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
6 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
7 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
8 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
9 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
10 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher

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