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

  • Time Allowed20

PPSC Economics Topic 2 Micro Economics

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Question # 1

When the demand curve is vertical its shows that the demand is.

Question # 2

Which of the following explains why demand curves slope downward.

Question # 3

Economists tend to disagree primarily about.

Question # 4

"Principles of economics" is the book of

Question # 5

A demand curve is not related to

Question # 6

If leisure is an inferior good the individuals supply curve for labor is.

Question # 7

In monopsony there is

Question # 8

A firm's long run average total cost lineis

Question # 9

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

Question # 10

An oligopolistic industry can be characterized by all of the following except

Question # 11

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 12

In perfect competition the transpiration cost

Question # 13

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 14

The income elasticity of demand

Question # 15

If the income elasticity of demand is +4

Question # 16

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.

Question # 17

The are price elasticity of demand is approximately

Question # 18

Micro economics studies such topics as

Question # 19

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.

Question # 20

Cardinal approach theory was presented by

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Top Scorers Of PPSC Economics Topic 2 Micro Economics MCQ`s Test

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
3 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
4 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
5 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
6 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
7 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
8 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
9 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
10 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising

Test Questions

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