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

If a monopoly is unable to cover its short run variable costs, if should.

Question # 2

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 3

Price discrimination is possible

Question # 4

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 5

The demand for labor slopes down and to the right because of.

Question # 6

The "Law of demand" most directly means that consumers buy

Question # 7

A firm that is a price taker faces a perfectly

Question # 8

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

Question # 9

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 # 10

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 11

In the short run no firm operates with a loss unless

Question # 12

A price decrease and an increase in income are similar in that

Question # 13

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

Question # 14

An income demanded curve of an inferior good is.

Question # 15

If a firm which polluted the water of area had to pay all social cost would have

Question # 16

The competitive firm maximizes its profit by operating where

Question # 17

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 18

The Lorenz curve shows that

Question # 19

A firm's long run average total cost lineis

Question # 20

In monopoly there is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
2 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
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 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
5 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
6 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
7 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
8 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
9 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
10 In a typical cartel agreement the cartel maximizes profit when it.
A. Behaves like a monopoly
B. Behaves like a perfectly competitive firm
C. Behaves like a duopoly
D. Is flexible in enforcing production targets

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