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

For a competitive firm the demand curve

Question # 2

Which of the following is a function of money

Question # 3

If average variable cos tis less then marginal cost then certainly.

Question # 4

A demand curve is not related to

Question # 5

The income elasticity of inferior goods is

Question # 6

Labour has the following characteristics accept one.

Question # 7

A long-run total cost curve can be constructed from

Question # 8

Skills that embodied in a person are called.

Question # 9

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 10

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 # 11

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 12

If there is no price surprise, total output is.

Question # 13

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 14

A demand curve that is an equilateral hyperbola is.

Question # 15

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 16

Allocative efficiency is achieved under which of the following market structures.

Question # 17

The income effect of a price change

Question # 18

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

Question # 19

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 20

In a typical cartel agreement the cartel maximizes profit when it.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
3 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
4 In price discrimination, which section of the market is charged the higher price.
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand
5 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
6 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
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 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
9 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
10 Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y

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