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

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 2

A production function for a firm which produces a product with two or more inputs.

Question # 3

If the price of both goods increase by the same percent , the budget line will.

Question # 4

Immediately after a through we would expect to have al

Question # 5

The income elasticity of demand

Question # 6

"Treating an individual as typical of a group" in the definition of.

Question # 7

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 8

Indifference curve has following characteristics except.

Question # 9

The arc income elasticity of demand is approximately

Question # 10

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 11

"Principles of economics" is the book of

Question # 12

In the long run a profit maximizing firm will choose to exit a market when

Question # 13

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

Question # 14

Disposable income is equal to.

Question # 15

Which of the following does not characterize monopolistic competition.

Question # 16

A demand curve shows that relation between price and demand.

Question # 17

Allocative efficiency is achieved under which of the following market structures.

Question # 18

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 19

A market demand curve can be derived by adding all the individual demand curves

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
2 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
3 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
4 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
5 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
6 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
7 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
8 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
9 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
10 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods

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