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

A normal good can be defined as one which consumers purchase more of as.

Question # 3

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

Question # 4

Goods which can be consume directly are

Question # 5

The short run supply curve for a competitive industry is derived by.

Question # 6

"Principles of economics" is the book of

Question # 7

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

Question # 8

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 9

Economists tend to disagree primarily about.

Question # 10

A firm that is a price taker faces a perfectly

Question # 11

Which of the following shifts the demand curve for hot dogs leftward.

Question # 12

Immediately after a through we would expect to have al

Question # 13

The demand curve of unitary elastic commodity is.

Question # 14

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 15

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

Question # 16

Which of the following is not a basic assumption of perfect competition.

Question # 17

Which of the following taxes is regressive

Question # 18

If a good has a lot of substitutes, then its demand is.

Question # 19

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 20

Skills that can be transferred to other employers are called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
2 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
3 Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.
A. Money income
B. The tastes of the consumer
C. The price of good X
D. The price of good Y
4 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
5 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
6 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
7 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.
8 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
9 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
10 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics

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