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

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

Question # 2

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

Question # 3

When a tax is levied on a good.

Question # 4

The marginal rate of substitution of two goods can be obtain from

Question # 5

In the short run the competitive firm will produce if.

Question # 6

Which of the following is correct for the demand and supply schedules given above.

Question # 7

Which of the following is correct with respect to the Paasche index.

Question # 8

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

Question # 9

The conditions necessary for a firm to be able to price discriminate include.

Question # 10

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 11

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

Question # 12

Indifference curve approach is also called.

Question # 13

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

Question # 14

The arc income elasticity of demand is approximately

Question # 15

Which of the following is a characteristics of monopolistic competition.

Question # 16

According to Keynes, when the great depression started the government should be.

Question # 17

Price elasticity at a given price is not affected by.

Question # 18

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 19

Indifference curve has following characteristics except.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
2 If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
3 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
4 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
5 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents
6 If the demand curve for a good is downward sloping then the good must be.
A. Normal
B. Inferior
C. Giffen
D. Either a or b
7 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
8 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
9 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
10 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800

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