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

00:00
Question # 1

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 2

If the income elasticity of demand is +4

Question # 3

A firm A's break even quantity is.

Question # 4

The method most commonly used to test the overall significance of a regression is.

Question # 5

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

Question # 6

The demand for labor will be more elastic if

Question # 7

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 8

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 9

When there is a surplus in a market

Question # 10

Skills that embodied in a person are called.

Question # 11

The classical are of the view that utility can be.

Question # 12

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

Question # 13

A monopsony is

Question # 14

An elasticity coefficient of -1 means that

Question # 15

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

Question # 16

Law of variable proportion sis applicable in.

Question # 17

A demand curve that is an equilateral hyperbola is.

Question # 18

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 19

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 20

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%
2 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
3 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
4 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
5 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve
6 If the prices of both goods increase by the same percent the budget line will
A. Shift parallel to the left
B. shift parallel to the right
C. Pivot about the x axis
D. Pivot abut the Y axis
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 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
9 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
10 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.
A. .6
B. .8
C. .4
D. .2

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