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

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Question # 1

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 2

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

Question # 3

In substitution effect a consumer

Question # 4

change in quantity demanded

Question # 5

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

Question # 6

The marginal rate of substitution for two goods can be obtained from

Question # 7

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 # 8

In order to constitute an oligopolistic market structure.

Question # 9

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 10

The income elasticity of demand

Question # 11

Firm A's margin of safety is.

Question # 12

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 13

Economic growth is shown on the production possibility frontier as.

Question # 14

Cardinal approach theory was presented by

Question # 15

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 16

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 17

The demand curve of unitary elastic commodity is.

Question # 18

Under perfect competition, the price system automatically result in efficient output selection when

Question # 19

In order to practice price discrimination which of the following is needed.

Question # 20

If the income elasticity of demand is +4

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
2 If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
3 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
4 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
5 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
6 Which of the following taxes is regressive
A. The federal income tax
B. The state income tax
C. The sales tax
D. The Medicare tax
7 Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.
A. A necessity
B. An independent good
C. An inferior good
D. A luxury good
8 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
9 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
10 A consumer is said to be in equilibrium when the marginla utility and price of a commodity
A. More
B. Less
C. Irrelevant
D. Equal

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