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

The Lorenz curve shows that

Question # 2

The most important determinant of price elasticity is.

Question # 3

Duopoly is a market situation when there is

Question # 4

An increase in price causes an increase in total revenue when.

Question # 5

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

Question # 6

The demand for labor slopes down and to the right because of.

Question # 7

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 8

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 9

the ouput where diminishing return to production begin is also the ouput where

Question # 10

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 11

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 12

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 13

When economists say that a per son is economizing they mean that the person is.

Question # 14

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 15

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 # 16

An exceptional demand curve is.

Question # 17

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 18

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 19

Firm A's annual profit is.

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition
3 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
4 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
5 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
6 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
7 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
8 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
9 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
10 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good

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