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

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 2

Average fixed cost

Question # 3

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 4

Law of demand is not applicable on

Question # 5

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 6

An increase in price causes an increase in total revenue when.

Question # 7

Which of the following taxes is regressive

Question # 8

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

Question # 9

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 10

In capitalistic economy price is determined by

Question # 11

In perfect competition the transpiration cost

Question # 12

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

Question # 13

Which of the following is correct with respect to the Paasche index.

Question # 14

In pure monopoly there is.

Question # 15

The market demand for a product is found by

Question # 16

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

Question # 17

The key feature of oligopoly is.

Question # 18

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 19

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
2 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
3 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
4 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
5 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method
6 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
7 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
8 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
9 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
10 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

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