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

The market demand for a product is found by

Question # 2

A long-run total cost curve can be constructed from

Question # 3

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 4

The conditions necessary for a firm to be able to price discriminate include.

Question # 5

Cardinal approach theory was presented by

Question # 6

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

Question # 7

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 8

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

Question # 9

One of the following has more elastic demand.

Question # 10

Holding all other things constant a higher price for ski lift tickets would.

Question # 11

When there is a surplus in a market

Question # 12

In perfect competition the transpiration cost

Question # 13

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 14

Which of the following is correct with respect to the Paasche index.

Question # 15

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 16

Labour has the following characteristics accept one.

Question # 17

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 18

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

Question # 19

The supply curve of a perfectly competitive firm

Question # 20

Which skills are most likely to be paid for by the employer.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
2 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
3 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents
4 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.
A. Hire more of A and less of B
B. Hire more of B and less of A
C. Start paying factor A more
D. Try to use factor B more productively
5 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
6 Which of the following will not be a determinant of the price elasticity of demand for a commodity.
A. The absence of substitute for the good.
B. The presence of substitutes for the good.
C. The importance of the commodity in consumers budgets
D. The cost of producing the commodity
7 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
8 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
9 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
10 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

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