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

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 2

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 3

If a firm triples all inputs and output triples as well the firm is subject to

Question # 4

If there is no price surprise, total output is.

Question # 5

"Principles of economics" is the book of

Question # 6

The largest source of tax revenue for the federal government is

Question # 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.

Question # 8

In monopoly there is.

Question # 9

Oligopoly is a market structure in which

Question # 10

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 # 11

In perfect competition, a seller by increasing price.

Question # 12

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 13

In the short run the competitive firm will produce if.

Question # 14

Foundation of law of demand is.

Question # 15

An exceptional demand curve is.

Question # 16

Firm A's margin of safety is.

Question # 17

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 18

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 19

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

Question # 20

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
3 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
4 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
5 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
6 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
7 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
8 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
9 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
10 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft

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