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 arc income elasticity of demand is approximately

Question # 2

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

Question # 3

In pure monopoly there is.

Question # 4

If the price of an apple increases.

Question # 5

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 6

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 # 7

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 8

Which of the following explains why demand curves slope downward.

Question # 9

Which of the following does not characterize monopolistic competition.

Question # 10

A typical demand curve cannot be

Question # 11

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 12

Which of the following is a characteristics of monopolistic competition.

Question # 13

The short run supply curve for a competitive industry is derived by.

Question # 14

If a good has a lot of substitutes, then its demand is.

Question # 15

Skills that can be transferred to other employers are called.

Question # 16

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

Question # 17

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.

Question # 18

A demand curve that is an equilateral hyperbola is.

Question # 19

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 20

The elasticity of demand for cigarettes by a non smoker is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
2 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C
3 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
4 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
5 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
6 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
7 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
8 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.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
9 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
10 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities

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