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

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 # 2

The "Law of demand" most directly means that consumers buy

Question # 3

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

Question # 4

The exit of firms out of a competitive market causes the supply curve to.

Question # 5

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

Question # 6

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 7

The monopolization of the competitive market results in a deadweight loss to society of

Question # 8

In monopsony there is

Question # 9

The epigram "time is money" expresses , in part, the concept of.

Question # 10

If a monopolist faces a downward sloping market demand curve its.

Question # 11

Immediately after a through we would expect to have al

Question # 12

The market demand for a product is found by

Question # 13

In the long run a profit maximizing firm will choose to exit a market when

Question # 14

The demand for labor slopes down and to the right because of.

Question # 15

In the short run no firm operates with a loss unless

Question # 16

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 17

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 18

In perfect competition there is.

Question # 19

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

Question # 20

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
2 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
3 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
4 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.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
5 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%
6 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
7 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
8 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
9 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
10 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve

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