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 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.

Question # 2

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

Question # 3

The demand for labor is the same as the

Question # 4

Law of demand is not applicable on

Question # 5

Foundation of law of demand is.

Question # 6

In perfect competition a firm is.

Question # 7

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 8

In pure monopoly there is.

Question # 9

An income demanded curve of an inferior good is.

Question # 10

Which of the following is a characteristics of monopolistic competition.

Question # 11

If the prices of both goods increase by the same percent the budget line will

Question # 12

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

Question # 13

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.

Question # 14

The income effect of a price change

Question # 15

Elasticity of demand of luxurious goods is always more elastic

Question # 16

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 17

Law of variable proportion is also called.

Question # 18

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 19

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
2 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
3 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
4 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
5 The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.
A. 6%
B. 8%
C. 10%
D. 9%
6 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
7 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
8 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
9 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
10 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

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