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

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Question # 1

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 2

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.

Question # 3

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

Question # 4

If a monopoly is unable to cover its short run variable costs, if should.

Question # 5

If a good is normal then the demand curve for that good must be.

Question # 6

A monolithically competitive market is characterized by all of the following except.

Question # 7

In perfect competition, a seller by increasing price.

Question # 8

The exit of firms out of a competitive market causes the supply curve to.

Question # 9

Law of variable proportion sis applicable in.

Question # 10

In perfect competition price is settled by

Question # 11

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

Question # 12

Cross -elasticity following commodities is very high

Question # 13

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 14

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 15

A demand curve shows that relation between price and demand.

Question # 16

When the demand curve is vertical its shows that the demand is.

Question # 17

Which of the following is not a basic assumption of perfect competition.

Question # 18

If there is no price surprise, total output is.

Question # 19

When goods are compliments the cross demand curve

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
2 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
3 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities
4 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
5 If the price 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 about the Y axis
6 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.
7 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
8 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
9 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
10 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases

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