KPPSC Economics MCQs

PPSC FPSC Lecturer Economics Online Test 19 Solved MCQs

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There will be 25 multiple choice question in the test.
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Test Instructions:-
Test Name	Lecturer Economics
Subject	Economics Test 19
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

PPSC LECTURER OF ECONOMICS ONLINE PRACTICE TEST NO. 19

1 / 25

Ordinal Approach to consumer behavior is presented by ..............economist

Modern

None of the above

Classical

Neo-Classicals

2 / 25

According to neo-classicals utility can be:

Both a & b

None of the above

Ranked Qualitatively

Measured Quantitatively

3 / 25

If MUx/Px < MUy/Py, the consumer will:

consume more items of goods X

consume more items of goods Y

Stop consuming

consume more items of goods X and goods Y

4 / 25

When price falls, marginal utility of money:

remains constant

Decreases

Varies with time and situation

Increases

5 / 25

Sir Jhon Richard Hicks was a ........................... economist:

British and Modern

British and neo-clasicals

British and Classicals

All of the above

6 / 25

If MUx/Px = MUy/Py, the consumer will:

consume more items of goods Y

Stop consuming, utility from both goods is maximized!

consume more items of goods X and goods Y

consume more items of goods X

7 / 25

The convex IC shows the .................... marginal rate of substitution:

Constant

None of the above

Diminishing

Increasing

8 / 25

In cardinal Approach, Leon Walras had derived consumer demand curve for goods X from

Cardinal Equilibrium approach

All of the above

Marginal Utility schedule of goods X

Total Utility schedule of goods X

9 / 25

IC shows different combinations of two goods that yield:

None of the above

Same level of satisfaction

Different levels of satisfaction

All of the above

10 / 25

Consumer equilibrium in law of equi marginal utility of cardinal approach of consumer behaviour

MUx/Px < MUy/Py

MUx/Px = MUy/Py

All of the above

MUx/Px > MUy/Py

11 / 25

What is law of diminishing marginal utility?

Marginal utility decreases as we consume more and more of a commodity.

Marginal utility remains constant as we consume more and more of a commodity

Varies with time and situation

Marginal utility increases as we consume more and more of a commodity

12 / 25

f MUx/Px > MUy/Py, the consumer will:

None of the above

consume more items of goods Y

consume more items of goods X and goods Y

consume more items of goods X

13 / 25

When total utility increases at decreasing rate, Marginal Utility

Varies with time and situation

Increases

remains constant

Decreases

14 / 25

Marginal utility is defined as:

No change in total utility by consuming an additional unit of commodity

The net change in total utility by consuming an additional unit of commodityNo change in total utility by consuming an additional unit of commodity

The net change in Marginal utility by consuming an additional unit of commodity

No change in Marginal utility by consuming an additional unit of commodity

15 / 25

Who introduced the concept of IC for the first time in 1881:

Francis Edgeworth

Jhon Richard Hicks

Alfred Marshall

None of the above

16 / 25

Marginal rate of substitution is defined as:

How many units of one commodity has to forego to get an additional unit of another commodity that gives different levels of satisfaction

Both a & b

None of the above

How many units of one commodity has to forego to get an additional unit of another commodity that give same level of satisfaction

17 / 25

Total utility increases at ....................................rate:

Varies with time and situation

Increasing

Constant

Decreasing

18 / 25

The slope of IC is called:

None of the above

Marginal rate of substitution (MRS)

Marginal rate of technical substitution (MRTS)

Both a & b

19 / 25

When total utility falls, Marginal utility becomes:

Varies with time and situation

Constant

Positive

Negative

20 / 25

Ordinal Approach to consumer behavior is also known as:

Indifference curve theory

Axiomatic approach to consumer behavior

Optimal Choice theory

Hicksian/neo-classicals approach to consumer behavior

All of the Above

21 / 25

IC stands for:

Independent Curve

Indifference curve

Incomplete Curve

All of the above

22 / 25

In cardinal Approach, Alfred Marshal had derived consumer demand curve from goods X from

Marginal Utility schedule of goods X

Total Utility schedule of goods X

Cardinal Equilibrium approach

None of the above

23 / 25

Cardinal Approach theory measures the utility:

None of the above

Quantitatively

Qualitatively

Both a & b

24 / 25

What is law of equi marginl utility?

When consumption of both goods yield different level of satisfaction

Both a & b

None of the above

When consumption of both goods yield same level of satisfaction

25 / 25

Ordinal approach to consumer behavior implies that, utility cannot be measured:

Qualitatively

Both a & b

Quantitatively

None of the above

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