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

00:00
Question # 1

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 2

An increase in price causes an increase in total revenue when.

Question # 3

"Principles of economics" is the book of

Question # 4

The Lorenz curve shows that

Question # 5

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 6

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 7

The marginal rate of substitution for two goods can be obtained from

Question # 8

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 9

If the prices of both goods increase by the same percent the budget line will

Question # 10

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

Question # 11

In the long run a profit maximizing firm will choose to exit a market when

Question # 12

In perfect competition a firm is.

Question # 13

According to Keynes, when the great depression started the government should be.

Question # 14

The income elasticity of demand

Question # 15

The long run is a time period that is.

Question # 16

The average total cost when 20 units of output are produced is

Question # 17

In monopsony there is

Question # 18

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

Question # 19

Skills that can be transferred to other employers are called.

Question # 20

Oligopoly is a market structure in which

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competiton
2 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
3 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
4 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
5 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
6 Duopoly is a market situation when there is
A. Single seller
B. Many seller
C. Two seller
D. Few seller
7 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
8 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
9 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
10 An increase in price causes an increase in total revenue when.
A. Demand is elastic
B. Demand is inelastic
C. Demand is unit elastic
D. All of the above are possible

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