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

In Production of goods and services tradeoffs exist becasue.

Question # 2

The "compensated" demand curve is the demand curve that.

Question # 3

Which of the following is an automatic stabilizer.

Question # 4

The market demand for a product is found by

Question # 5

In the long run a profit maximizing monopoly produces an output volume that

Question # 6

A monopoly market.

Question # 7

Elasticity of demand of luxurious goods is always more elastic

Question # 8

In the short run if price falls the firm will respond by

Question # 9

A demand curve shows that relation between price and demand.

Question # 10

In perfect competition there is.

Question # 11

The average total cost when 20 units of output are produced is

Question # 12

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 13

The marginal rate of substitution of two goods can be obtain from

Question # 14

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 15

The ABC corporation.

Question # 16

Economic growth is shown on the production possibility frontier as.

Question # 17

The elasticity of demand for cigarettes by a non smoker is.

Question # 18

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 19

A demand curve that is an equilateral hyperbola is.

Question # 20

A monopolist will discontinue production if

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
2 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
3 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
4 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
5 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
6 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
7 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
8 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
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
9 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
10 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these

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