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

When there is a surplus in a market

Question # 2

A production function for a firm which produces a product with two or more inputs.

Question # 3

In the short run if price falls the firm will respond by

Question # 4

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 5

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 6

Which of the following does not represent a barrier to entry into a market.

Question # 7

If the demand curve for a good is downward sloping then the good must be.

Question # 8

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 9

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 10

Micro economics studies such topics as

Question # 11

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 12

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 # 13

A price cross elasticity of 0.81 between X and Y shows that.

Question # 14

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

Question # 15

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

Question # 16

A normal good can be defined as one which consumers purchase more of as.

Question # 17

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

Question # 18

A typical demand curve cannot be

Question # 19

The "compensated" demand curve is the demand curve that.

Question # 20

A combination labour and capital where the cost of an output is minimized is called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
2 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
3 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
4 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
5 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.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
6 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
7 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
8 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
9 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
10 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information

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