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

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 2

The price elasticity of demand is teh same thing as the negative of the

Question # 3

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 4

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 5

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 # 6

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 7

A monopolist who is charging high price operates on.

Question # 8

Goods which can be consume directly are

Question # 9

Which of the following explains why demand curves slope downward.

Question # 10

A price decrease and an increase in income are similar in that

Question # 11

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 12

"Principles of economics" is the book of

Question # 13

The firms average variable cost of the 150th unit is.

Question # 14

Firm A's margin of safety is.

Question # 15

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

Question # 16

As long as all prices remain constant an increase in money income results in.

Question # 17

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

Question # 18

The supply curve of a perfectly competitive firm

Question # 19

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 20

An oligopolistic industry can be characterized by all of the following except

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
2 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
3 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
4 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
5 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
6 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
7 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
8 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
9 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
10 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 %

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