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

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 # 2

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

Question # 3

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

Question # 4

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

Question # 5

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 6

In capitalistic economy price is determined by

Question # 7

The supply curve of a perfectly competitive firm

Question # 8

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 9

An -increase the expected future price of a good.

Question # 10

Which skills are most likely to be paid for by the employer.

Question # 11

Which of the following would cause the demand curve for an input to shift.

Question # 12

Economists tend to disagree primarily about.

Question # 13

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 14

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 # 15

Micro economics studies such topics as

Question # 16

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

Question # 17

The classical are of the view that utility can be.

Question # 18

Finance minister tax a commodity

Question # 19

If the income elasticity of demand is +4

Question # 20

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
2 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
3 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
4 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
5 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
6 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above
7 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
8 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
9 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity
10 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic

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