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

The classical are of the view that utility can be.

Question # 2

In perfect competition there is.

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 4

Elasticity of demand of luxurious goods is always more elastic

Question # 5

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 6

Disposable income is equal to.

Question # 7

In perfect competition the industry will be in equilibrium.

Question # 8

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 9

An elasticity coefficient of -1 means that

Question # 10

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

Question # 11

The market demand for a product is found by

Question # 12

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

Question # 13

Micro economics is the study of.

Question # 14

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

Question # 15

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 16

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

Question # 17

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

Question # 18

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

Question # 19

Duopoly is a market situation when there is

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
2 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.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
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 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
5 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
6 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
7 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
8 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
9 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
10 When there is a surplus in a market
A. There is downward pressure on price
B. There is upward pressure on price
C. The market could still be in equilibrium
D. There are too many buyers chasing too few goods.

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