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

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

Question # 2

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 3

Firm A's annual profit is.

Question # 4

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

Question # 5

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

Question # 6

Price discrimination occurs when

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

Price discrimination is possible

Question # 9

Elasticity of demand of luxurious goods is always more elastic

Question # 10

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

Question # 11

The epigram "time is money" expresses , in part, the concept of.

Question # 12

A typical demand curve cannot be

Question # 13

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

Question # 14

Which of the following correct about firms in an oligopoly.

Question # 15

When the quantity demanded is changed on the same price

Question # 16

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 17

In Production of goods and services tradeoffs exist becasue.

Question # 18

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 # 19

Which of the following is a characteristic of monopolistic competition.

Question # 20

The classical are of the view that utility can be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
2 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
3 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
4 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
5 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
6 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
7 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
8 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
9 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
10 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %

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