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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Which of the following shifts the demand curve for hot dogs leftward.

Question # 2

The "Law of demand" most directly means that consumers buy

Question # 3

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 4

A monolithically competitive market is characterized by all of the following except.

Question # 5

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 6

In the short run if price falls the firm will respond by

Question # 7

The marginal rate of substitution for two goods can be obtained from

Question # 8

The tax is question 52 is

Question # 9

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

Question # 10

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 11

Cross -elasticity following commodities is very high

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

Finance minister tax a commodity

Question # 14

A firm that is a price taker faces a perfectly

Question # 15

MC = MR= AR=AC = Price shows the longs run

Question # 16

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 17

In the short run a competitive firm's supply curve is.

Question # 18

When a tax is levied on a good.

Question # 19

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

Question # 20

The largest source of tax revenue for the federal government is

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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 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
3 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
4 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
5 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
6 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
7 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
8 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
9 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
10 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx

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