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

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

Question # 2

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

Question # 3

The firms average variable cost of the 150th unit is.

Question # 4

If the income elasticity of demand is +4

Question # 5

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

Question # 6

For a competitive firm the demand curve

Question # 7

The epigram "time is money" expresses , in part, the concept of.

Question # 8

In capitalistic economy price is determined by

Question # 9

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 # 10

Indifference curve has following characteristics except.

Question # 11

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 12

The supply curve of a perfectly competitive firm

Question # 13

Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.

Question # 14

A typical demand curve cannot be

Question # 15

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

Question # 16

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 17

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

Question # 18

A normal good can be defined as one which consumers purchase more of as.

Question # 19

Which of the following does not apply to pareto efficiency.

Question # 20

In pure monopoly there is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
2 If the demand curve for a good is downward sloping then the good must be.
A. Normal
B. Inferior
C. Giffen
D. Either a or b
3 For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
4 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
5 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
6 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
7 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
8 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
9 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
10 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer

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