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

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

Question # 2

In the short run no firm operates with a loss unless

Question # 3

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

Question # 4

If the price of product X falls and this change increases the demand for product Y then.

Question # 5

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 6

Oligopoly is a market structure in which

Question # 7

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 8

In pure monopoly there is.

Question # 9

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

Question # 10

The demand curve of unitary elastic commodity is.

Question # 11

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 12

In an industry with a falling long term supply curve, which of the following is true.

Question # 13

The Lorenz curve shows that

Question # 14

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.

Question # 15

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 16

Which of the following is a characteristic of monopolistic competition.

Question # 17

Economists tend to disagree primarily about.

Question # 18

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 19

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
2 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
3 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.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
4 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
5 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
6 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
7 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
8 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
9 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
10 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent

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