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

Question # 2

The firms average variable cost of the 150th unit is.

Question # 3

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 # 4

If average variable cos tis less then marginal cost then certainly.

Question # 5

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 6

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 7

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 8

Indifference curve approach is also called.

Question # 9

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 # 10

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 11

A monopolist will discontinue production if

Question # 12

Firms entering a perfectly competitive market will cause the price of the product to

Question # 13

A combination labour and capital where the cost of an output is minimized is called.

Question # 14

The elasticity of demand for cigarettes by a non smoker is.

Question # 15

The market demand for a product is found by

Question # 16

An income demanded curve of an inferior good is.

Question # 17

Which of the following is a function of money

Question # 18

In Production of goods and services tradeoffs exist becasue.

Question # 19

If leisure is an inferior good the individuals supply curve for labor is.

Question # 20

To maximize revenue, an excise tax should be imposed on a product

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
2 A price decrease and an increase in income are similar in that
A. Both force the consumer to achieve a lower level of well being
B. Both force the consumer to reach a lower indifference curve
C. Both move the budget line outward
D. They are not similar at all
3 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
4 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%
A. Rs.1654.29
B. Rs.100.00
C. Rs.94.00
D. Rs.68.00
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 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
7 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
8 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
9 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
10 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9

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