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

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 2

In monopolistic competition firm sell

Question # 3

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 4

If there is no price surprise, total output is.

Question # 5

Which of the following shifts the demand curve for hot dogs leftward.

Question # 6

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 7

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

Question # 8

In monopoly the firm can

Question # 9

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

Question # 10

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 11

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

Question # 12

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

Question # 13

The market demand for a product is found by

Question # 14

Micro economics is the study of.

Question # 15

Which of the following is a function of money

Question # 16

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 17

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 18

The "Law of demand" most directly means that consumers buy

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
2 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
3 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
4 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
5 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
6 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.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
7 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.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
8 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
9 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
10 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells

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