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

In the short run, the supply of farm commodities is.

Question # 2

The long run is a time period that is.

Question # 3

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 4

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

Question # 5

Which of the following does not apply to pareto efficiency.

Question # 6

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

Question # 7

Indifference curve has following characteristics except.

Question # 8

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 9

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 # 10

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 11

Cross -elasticity following commodities is very high

Question # 12

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

Question # 13

In perfect competition the industry will be in equilibrium.

Question # 14

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

Question # 15

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

Question # 16

Which of the following does not characterize monopolistic competition.

Question # 17

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 18

In perfect competition price is settled by

Question # 19

Firm A's margin of safety is.

Question # 20

What is the production level for public good W, if the government uses full cost pricing.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
2 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
3 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
4 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
5 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
6 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
7 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.
8 A consumer is said to be in equilibrium when the marginla utility and price of a commodity
A. More
B. Less
C. Irrelevant
D. Equal
9 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
10 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation

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