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

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Question # 1

Price elasticity at a given price is not affected by.

Question # 2

Which of the following shifts the demand curve for hot dogs leftward.

Question # 3

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 4

Cardinal approach theory was presented by

Question # 5

In the short run a competitive firm's supply curve is.

Question # 6

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 7

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 8

In a typical cartel agreement the cartel maximizes profit when it.

Question # 9

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 10

In perfect competition, a seller by increasing price.

Question # 11

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 # 12

For a competitive firm the demand curve

Question # 13

The tax is question 52 is

Question # 14

Under perfect competition, the price system automatically result in efficient output selection when

Question # 15

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 16

Cross -elasticity following commodities is very high

Question # 17

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 18

Which of the following correct about firms in an oligopoly.

Question # 19

Micro economics studies such topics as

Question # 20

In the short run the competitive firm will produce if.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
2 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
3 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
4 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
5 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
6 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
7 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
8 Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.
A. Total revenue
B. Marginal physical product
C. Marginal revenues product
D. Marginal revenue
9 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
10 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9

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