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

Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.

Question # 2

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 3

Immediately after a through we would expect to have al

Question # 4

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 5

Law of variable proportion sis applicable in.

Question # 6

A monopsony is

Question # 7

When goods are compliments the cross demand curve

Question # 8

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 9

In an industry with a falling long term supply curve, which of the following is true.

Question # 10

Extension and contraction of demand mean

Question # 11

A production possibilities curve indicates that when resources are being used efficiently

Question # 12

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 13

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 14

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 15

Price elasticity at a given price is not affected by.

Question # 16

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 17

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 18

Skills that can be transferred to other employers are called.

Question # 19

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

Question # 20

Indifference curve has following characteristics except.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
2 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
3 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
4 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
5 If the demand curve for a good is downward sloping then the good must be.
A. Normal
B. Inferior
C. Giffen
D. Either a or b
6 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
7 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
8 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
9 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
10 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these

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