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

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 2

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 3

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 4

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 5

If a monopolist faces a downward sloping market demand curve its.

Question # 6

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 7

The income elasticity of inferior goods is

Question # 8

If the price of product X falls and this change increases the demand for product Y then.

Question # 9

A monopoly there is

Question # 10

In perfect competition price is settled by

Question # 11

A monopolist who is charging high price operates on.

Question # 12

Extension and contraction of demand mean

Question # 13

A demand curve that is an equilateral hyperbola is.

Question # 14

When the demand curve is vertical its shows that the demand is.

Question # 15

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 16

Which of the following is an automatic stabilizer.

Question # 17

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

Question # 18

Indifference curve approach is also called.

Question # 19

Which of the following would cause the demand curve for an input to shift.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
2 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
3 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
4 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
5 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
6 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
7 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
8 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
9 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
10 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.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units

Test Questions