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

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Question # 1

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 2

The demand for labor is the same as the

Question # 3

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 4

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 5

The key feature of oligopoly is.

Question # 6

Skills that embodied in a person are called.

Question # 7

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 8

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

Question # 9

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 10

Price elasticity at a given price is not affected by.

Question # 11

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 12

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 13

At level of income and output of 100 in the diagram above

Question # 14

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

Question # 15

The same graph shows that the firm order to maximize profits , should produce.

Question # 16

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 17

Indifference curve approach is also called.

Question # 18

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 19

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

Question # 20

Holding all other things constant a higher price for ski lift tickets would.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
2 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
3 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
4 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
5 change in quantity demanded
A. Downward shift of demand curve
B. Movement on the same demand curve
C. Downward shift
D. None of these
6 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
7 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
8 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
9 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
10 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer

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