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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

As long as all prices remain constant an increase in money income results in.

Question # 2

Skills that embodied in a person are called.

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 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%

Question # 5

In monopoly there is.

Question # 6

Which of the following correct about firms in an oligopoly.

Question # 7

In contract to perfectly competitive markets monopolists

Question # 8

A monopoly there is

Question # 9

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

Question # 10

In long run equilibrium a monopolistically competitive firm will find.

Question # 11

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 # 12

For a competitive firm the demand curve

Question # 13

A monopolist will maximize profit.

Question # 14

In capitalistic economy price is determined by

Question # 15

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.

Question # 16

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 # 17

Disposable income is equal to.

Question # 18

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 19

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
2 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
3 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
4 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
5 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
6 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
7 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
8 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
9 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
10 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

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