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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

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

Cardinal Equilibrium approach

Total Utility schedule of goods X

All of the above

Marginal Utility schedule of goods X

2 / 25

What is law of diminishing marginal utility?

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

Varies with time and situation

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

3 / 25

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

None of the above

Francis Edgeworth

Jhon Richard Hicks

Alfred Marshall

4 / 25

The slope of IC is called:

Marginal rate of technical substitution (MRTS)

Both a & b

None of the above

Marginal rate of substitution (MRS)

5 / 25

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

Decreasing

Increasing

Constant

Varies with time and situation

6 / 25

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

None of the above

Qualitatively

Both a & b

Quantitatively

7 / 25

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

Classical

Neo-Classicals

Modern

None of the above

8 / 25

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

consume more items of goods X

consume more items of goods Y

consume more items of goods X and goods Y

Stop consuming

9 / 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

10 / 25

IC stands for:

All of the above

Indifference curve

Incomplete Curve

Independent Curve

11 / 25

When price falls, marginal utility of money:

Decreases

Varies with time and situation

Increases

remains constant

12 / 25

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

None of the above

Total Utility schedule of goods X

Cardinal Equilibrium approach

Marginal Utility schedule of goods X

13 / 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 give same level of satisfaction

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

14 / 25

Ordinal Approach to consumer behavior is also known as:

Indifference curve theory

All of the Above

Axiomatic approach to consumer behavior

Optimal Choice theory

Hicksian/neo-classicals approach to consumer behavior

15 / 25

According to neo-classicals utility can be:

Measured Quantitatively

Both a & b

Ranked Qualitatively

None of the above

16 / 25

Cardinal Approach theory measures the utility:

None of the above

Both a & b

Qualitatively

Quantitatively

17 / 25

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

Increasing

Diminishing

None of the above

Constant

18 / 25

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

British and Classicals

British and neo-clasicals

All of the above

British and Modern

19 / 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

20 / 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

21 / 25

What is law of equi marginl utility?

Both a & b

None of the above

When consumption of both goods yield different level of satisfaction

When consumption of both goods yield same level of satisfaction

22 / 25

When total utility increases at decreasing rate, Marginal Utility

remains constant

Varies with time and situation

Decreases

Increases

23 / 25

When total utility falls, Marginal utility becomes:

Positive

Varies with time and situation

Negative

Constant

24 / 25

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

consume more items of goods Y

consume more items of goods X

consume more items of goods X and goods Y

None of the above

25 / 25

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

Stop consuming, utility from both goods is maximized!

consume more items of goods X and goods Y

consume more items of goods Y

consume more items of goods X

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