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 leisure is an inferior good the individuals supply curve for labor is.

Question # 2

Which of the following is NOT an example of non price competition the auto industry.

Question # 3

An exceptional demand curve is.

Question # 4

In contract to perfectly competitive markets monopolists

Question # 5

In price discrimination, which section of the market is charged the higher price.

Question # 6

The law of diminishing marginal returns to a factor of production is.

Question # 7

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

Question # 8

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

Question # 9

In the short run, the supply of farm commodities is.

Question # 10

Skills that can be transferred to other employers are called.

Question # 11

Firm A's annual profit is.

Question # 12

Which of the following taxes is regressive

Question # 13

The largest source of tax revenue for the federal government is

Question # 14

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 15

Duopoly is a market situation when there is

Question # 16

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 17

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

Question # 18

An elasticity coefficient of -1 means that

Question # 19

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

Question # 20

Micro economics studies such topics as

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
2 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
3 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
4 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
5 Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.
A. Total revenue
B. Marginal physical product
C. Marginal revenues product
D. Marginal revenue
6 "Treating an individual as typical of a group" in the definition of.
A. Pure discrimination human capital
B. Statistical discrimination
C. Human capital
D. Specific skills
7 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
8 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
9 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.
A. .6
B. .8
C. .4
D. .2
10 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong

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