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

Goods which can be consume directly are

Question # 2

Firm A's annual profit is.

Question # 3

Price discrimination occurs when

Question # 4

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 5

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 6

For a competitive firm the demand curve

Question # 7

In contract to perfectly competitive markets monopolists

Question # 8

Immediately after a through we would expect to have al

Question # 9

When a tax is levied on a good.

Question # 10

A monopolist who is charging high price operates on.

Question # 11

A typical demand curve cannot be

Question # 12

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 # 13

The arc elasticity formula is used to estimate elasticity when

Question # 14

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 15

The Lorenz curve shows that

Question # 16

The monopolization of the competitive market results in a deadweight loss to society of

Question # 17

A combination labour and capital where the cost of an output is minimized is called.

Question # 18

In perfect competition price is settled by

Question # 19

Cross -elasticity following commodities is very high

Question # 20

The tax is question 52 is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
2 Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
3 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
4 In price discrimination, which section of the market is charged the higher price.
A. The section with the richest people
B. The section with the oldest people
C. The section with the most inelastic demand
D. The section with the most elastic demand
5 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
6 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
7 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
8 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
9 When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
10 when there is huge change in demand following method is used to measure elasticity of demand.
A. Percentage method
B. Arc method
C. Point method
D. Other method

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