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

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 2

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 3

If a good is normal then the demand curve for that good must be.

Question # 4

Extension and contraction of demand mean

Question # 5

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 6

Perfect competition implies

Question # 7

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 8

If a firm which polluted the water of area had to pay all social cost would have

Question # 9

The Lorenz curve shows that

Question # 10

Foundation of law of demand is.

Question # 11

The income elasticity of inferior goods is

Question # 12

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

Question # 13

The ABC corporation.

Question # 14

The income elasticity of demand

Question # 15

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 # 16

The most important determinant of price elasticity is.

Question # 17

A monopolist will discontinue production if

Question # 18

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 19

A combination labour and capital where the cost of an output is minimized is called.

Question # 20

Which of the following taxes is regressive

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
2 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
3 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
4 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
5 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
6 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.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
7 If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
8 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
9 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
10 A Market situation where the number of buyers is very large and the number of sellers are very small is called.
A. Perfect competition
B. Duopoly
C. Oligopoly
D. In perfect competition

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