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 a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 2

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 3

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 4

A production possibilities curve indicates that when resources are being used efficiently

Question # 5

An income demanded curve of an inferior good is.

Question # 6

Indifference curve has following characteristics except.

Question # 7

Indifference curve approach is also called.

Question # 8

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

Question # 9

Price discrimination is possible

Question # 10

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

Question # 11

An -increase the expected future price of a good.

Question # 12

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

Question # 13

Which of the following does not characterize monopolistic competition.

Question # 14

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

Question # 15

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 16

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 17

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

Question # 18

A demand curve that is an equilateral hyperbola is.

Question # 19

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 20

Which of the following is a function of money

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
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 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above
4 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
5 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
6 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods
7 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
8 Law of variable proportion is also called.
A. Law of non proportion returns
B. Law of substitution
C. Law of casts
D. Law of demand
9 Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.
A. Fall
B. Double
C. Increase
D. Halve
10 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing

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