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

Elasticity of demand of luxurious goods is always more elastic

Question # 2

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

Question # 3

According to Keynes, when the great depression started the government should be.

Question # 4

The method most commonly used to test the overall significance of a regression is.

Question # 5

In the short run the competitive firm will produce if.

Question # 6

A normal good can be defined as one which consumers purchase more of as.

Question # 7

A combination labour and capital where the cost of an output is minimized is called.

Question # 8

Which of the following groups is most hurt by unexpected inflation.

Question # 9

The long run is a time period that is.

Question # 10

The are price elasticity of demand is approximately

Question # 11

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

Question # 12

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.

Question # 13

When goods are compliments the cross demand curve

Question # 14

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 15

Which of the following does not characterize monopolistic competition.

Question # 16

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 17

A demand curve shows that relation between price and demand.

Question # 18

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

Question # 19

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
2 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
3 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
4 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
5 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
6 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
7 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
8 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
9 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
10 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent

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