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

A monopolist who is charging high price operates on.

Question # 2

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 3

To maximize revenue, an excise tax should be imposed on a product

Question # 4

In monopoly there is.

Question # 5

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

Question # 6

Which of the following explains why demand curves slope downward.

Question # 7

In the long run a profit maximizing monopoly produces an output volume that

Question # 8

Disposable income is equal to.

Question # 9

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 10

In perfect competition the transpiration cost

Question # 11

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 # 12

Immediately after a through we would expect to have al

Question # 13

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

Question # 14

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 # 15

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 16

In an industry with a falling long term supply curve, which of the following is true.

Question # 17

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 18

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

Question # 19

A market demand curve can be derived by adding all the individual demand curves

Question # 20

Price discrimination occurs when

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
2 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
3 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
4 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
5 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
6 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
7 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
8 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.
9 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
10 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities

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