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PPSC FPSC Lecturer Economics Online Test 21 Solved MCQs

Given below on this Website Online Free Taleem is free online MCQ’s test related to PPSC of Lecturer Economics. All the individuals who are going to appear in PPSC Lecturer of Economics written test can attempt these tests in order to prepare for it in best possible way. Our tests include all the important questions MCQs of Lecturer of PPSC Economics, all Past Papers of Lecturer of Economics PPSC that have extremely high amount of chances for been included in the actual exam which make our test undoubtedly the best source of preparation.

Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
Practice this test at least 5 times if you want to secure High Marks.
At the End of the Test you can see your Test score and Rating.
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Test Instructions:-
Test Name	Lecturer Economics
Subject	Economics Test 21
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. 21

1 / 25

Production function shows the technical relationship between .................and .....................

All of the above

Input(factors of production) and profit of the firm

Input(factors of production) and Output(produced goods)

Revenue and cost of firm

2 / 25

The Slope of the isoquant is called:

Both a & b

Marginal product of labor and capital

None of the above

rate of technical substitution

3 / 25

Isoquant shows all possible combination of two factors of production ......................... and.................... to produce a given level of output:

Land and Capital

Labor and Capital

Land and Labor

None of the above

4 / 25

The relationship between marginal revenue and price is explained by the...........................of demand:

Cross elasticity

Income elasticity

None of the above

Price Elasticity

5 / 25

If elasticity is equal to 1, Demand curve is:

None of the above

Negatively sloped

Horizontal

Vertical

6 / 25

Input-Output isoquant shows the........................substitutability of factors of production:

Continuous

Perfect

Limited

7 / 25

Marginal revenue is defined as the change in ......................resulting in selling additional unit of commodity:

Average revenue

Marginal cost

Total revenue

Total cost

8 / 25

There is concept of ........................ in traditional Theory of Cost:

None of the above

Excess Capacity

Constant level of Capacity

Reserve Capacity

9 / 25

The elasticity of substitution of factors is defined as the percentage change in .................... divided by the percentage change in .....................

rate of technical substitution, capital-labor ratio

labor, capital

capital-Labor ratio, rate of technical substitution

marginal product of labor, marginal product of capital

10 / 25

If price elasticity of demand is less elastic (e < 1), Slope of total revenue will be ..................and marginal revenue will be:

Decreasing, less than 0

Decreasing, equal to 0

None of the above

Decreasing, greater than 0

11 / 25

Total expenditure of consumers in market is derived by:

Market demand

Both a & b

None of the above

Individual demand

12 / 25

Returns to scale refers to the .......................... analysis of laws of production:

Long-run

Both a & b

Short-run

None of the above

13 / 25

If price elasticity of demand is more elastic (e > 1), Slope of total revenue will be ................... and marginal revenue will .................................

Increasing, less than 0

None of the above

Increasing, greater than 0

Increasing, equal to 0

14 / 25

kinked isoquant shows the ............................ substitutability of factors of production:

Continuous

Limited

Perfect

15 / 25

Efficiency parameter in production function refers to the ............................ efficiency:

Capital

Labor

Land

Entrepreneurial-organizational

16 / 25

Law material bears ...................... relation to output at all level of production:

Decreasing

Increasing

Constant

17 / 25

Marginal product is defined as the change in..................due to change in ......................

Both a & b

None of the above

Output, Input factors

Input factors, Output

18 / 25

Total revenue of firm is obtained as the product of .................. and its ..............

None of the above

quantity sold and total expenditure

Quantity sold, price

Quantity sold and quantity demanded

19 / 25

Modern cost theory introduces the concept of................... capacity:

Constant

Excess

Reserve

None of the above

20 / 25

Excess Capacity implies that there is ................where firm can produce optimally:

One point

None of the above

a range

No point

21 / 25

Total expenditure of consumers of purchasing particular commodity is equal to the ............... of the firms selling the particular commodity:

Marginal Revenue

Total Revenue

None of the above

Total Cost

22 / 25

If elasticity is equal to infinity, Demand curve is:

Horizontal

Vertical

Negatively sloped

None of the above

23 / 25

Linear isoquant shows the ........................... substitutability of factors of production:

Perfect

Limited

Continuous

24 / 25

Market demand is defined as:

Demand from elite class consumers

Demand from poor class consumer

Sum of individuals demand in the market

Individual demand

25 / 25

If price elasticity of demand is unitary elastic (e = 1), Slope of total revenue will be .................. and marginal revenue will be

Maximum, Less than 0

Maximum, Greater than 0

None of the above

Maximum, equal to 0

Your score is

The average score is 0%

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