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

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

If leisure is an inferior good the individuals supply curve for labor is.

Question # 2

If a monopoly is unable to cover its short run variable costs, if should.

Question # 3

When goods are compliments the cross demand curve

Question # 4

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

Question # 5

Elasticity of demand of luxurious goods is always more elastic

Question # 6

A firm that is a price taker faces a perfectly

Question # 7

Under perfect competition, the price system automatically result in efficient output selection when

Question # 8

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 9

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

Question # 10

If the price of product X falls and this change increases the demand for product Y then.

Question # 11

Which of the following is not a basic assumption of perfect competition.

Question # 12

Micro economics is the study of.

Question # 13

A monopoly market.

Question # 14

In the long run a profit maximizing firm will choose to exit a market when

Question # 15

Law of demand is not applicable on

Question # 16

If the price of both goods increase by the same percent , the budget line will.

Question # 17

The arc income elasticity of demand is approximately

Question # 18

When the demand curve is vertical its shows that the demand is.

Question # 19

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
2 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
3 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases
4 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
5 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
6 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
7 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
8 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
9 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
10 In price discrimination, which section of the market is charged the higher price.
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand

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