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

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 # 2

In order to practice price discrimination which of the following is needed.

Question # 3

Price elasticity at a given price is not affected by.

Question # 4

The short run supply curve for a competitive industry is derived by.

Question # 5

The are price elasticity of demand is approximately

Question # 6

Indifference curve has following characteristics except.

Question # 7

The demand for labor slopes down and to the right because of.

Question # 8

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

Question # 9

A firm A's break even quantity is.

Question # 10

The ABC corporation.

Question # 11

Law of demand is not applicable on

Question # 12

The largest source of tax revenue for the federal government is

Question # 13

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 14

The average total cost when 20 units of output are produced is

Question # 15

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 16

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 17

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 # 18

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

Question # 19

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 # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 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.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
3 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
4 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
5 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
6 A monopolist will discontinue production if
A. Marginal revenue is less than marginal cost
B. Marginal revenue is less than average total cost
C. Marginal revenue is less the average fixed cost
D. Price is less than average variable cost
7 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
8 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
9 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
10 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83

Test Questions