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

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 2

In substitution effect a consumer

Question # 3

MC = MR= AR=AC = Price shows the longs run

Question # 4

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 5

Under perfect competition, the price system automatically result in efficient output selection when

Question # 6

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

Question # 7

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.

Question # 8

An elasticity coefficient of -1 means that

Question # 9

In perfect competition the transpiration cost

Question # 10

The marginal rate of substitution for two goods can be obtained from

Question # 11

A demand curve that is an equilateral hyperbola is.

Question # 12

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

Question # 13

In the short run a competitive firm's supply curve is.

Question # 14

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

Question # 15

Which of the following does not represent a barrier to entry into a market.

Question # 16

the ouput where diminishing return to production begin is also the ouput where

Question # 17

The arc income elasticity of demand is approximately

Question # 18

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 19

The market demand for a product is found by

Question # 20

Elasticity of demand of luxurious goods is always more elastic

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
2 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
3 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
4 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
5 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.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
6 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
7 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time
8 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
9 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
10 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these

Test Questions