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

Economists tend to disagree primarily about.

Question # 2

Which of the following does not apply to pareto efficiency.

Question # 3

Which of the following is a characteristics of monopolistic competition.

Question # 4

In monopoly the firm can

Question # 5

When goods are compliments the cross demand curve

Question # 6

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 7

The tax is question 52 is

Question # 8

The same graph shows that the firm order to maximize profits , should produce.

Question # 9

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 # 10

Economic growth is shown on the production possibility frontier as.

Question # 11

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 12

Skills that embodied in a person are called.

Question # 13

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 14

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.

Question # 15

Cross -elasticity following commodities is very high

Question # 16

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 17

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

Question # 18

The price elasticity of demand is teh same thing as the negative of the

Question # 19

If the income elasticity of demand is +4

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
2 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
3 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
4 Which of the following is a characteristics of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product's quality price and marketing.
D. When firms are free to enter and exit the market
5 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
6 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
7 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
8 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
9 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
10 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output

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