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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

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

Quantitatively

Qualitatively

None of the above

Both a & b

2 / 25

When price falls, marginal utility of money:

Decreases

remains constant

Varies with time and situation

Increases

3 / 25

According to neo-classicals utility can be:

Measured Quantitatively

Ranked Qualitatively

None of the above

Both a & b

4 / 25

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

Marginal Utility schedule of goods X

All of the above

Cardinal Equilibrium approach

Total Utility schedule of goods X

5 / 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

6 / 25

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

Increasing

Diminishing

None of the above

Constant

7 / 25

Ordinal Approach to consumer behavior is also known as:

All of the Above

Optimal Choice theory

Axiomatic approach to consumer behavior

Indifference curve theory

Hicksian/neo-classicals approach to consumer behavior

8 / 25

When total utility increases at decreasing rate, Marginal Utility

Varies with time and situation

Decreases

Increases

remains constant

9 / 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

None of the above

Both a & b

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

10 / 25

What is law of diminishing marginal utility?

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

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.

11 / 25

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

Stop consuming, utility from both goods is maximized!

consume more items of goods Y

consume more items of goods X

consume more items of goods X and goods Y

12 / 25

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

All of the above

MUx/Px < MUy/Py

MUx/Px = MUy/Py

MUx/Px > MUy/Py

13 / 25

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

Constant

Decreasing

Varies with time and situation

Increasing

14 / 25

IC shows different combinations of two goods that yield:

Same level of satisfaction

Different levels of satisfaction

None of the above

All of the above

15 / 25

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

Total Utility schedule of goods X

Marginal Utility schedule of goods X

Cardinal Equilibrium approach

None of the above

16 / 25

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

consume more items of goods X and goods Y

consume more items of goods X

consume more items of goods Y

Stop consuming

17 / 25

IC stands for:

Incomplete Curve

Indifference curve

Independent Curve

All of the above

18 / 25

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

Francis Edgeworth

Jhon Richard Hicks

None of the above

Alfred Marshall

19 / 25

Cardinal Approach theory measures the utility:

None of the above

Both a & b

Quantitatively

Qualitatively

20 / 25

When total utility falls, Marginal utility becomes:

Positive

Varies with time and situation

Negative

Constant

21 / 25

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

British and Classicals

All of the above

British and Modern

British and neo-clasicals

22 / 25

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

consume more items of goods Y

None of the above

consume more items of goods X

consume more items of goods X and goods Y

23 / 25

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

Neo-Classicals

Classical

None of the above

Modern

24 / 25

Marginal utility is defined as:

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

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

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

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

25 / 25

The slope of IC is called:

Marginal rate of substitution (MRS)

Marginal rate of technical substitution (MRTS)

Both a & b

None of the above

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The average score is 0%

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