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

Firm A's annual profit is.

Question # 2

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 3

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.

Question # 4

In monopoly there is.

Question # 5

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 6

A demand curve shows that relation between price and demand.

Question # 7

Allocative efficiency is achieved under which of the following market structures.

Question # 8

Goods which can be consume directly are

Question # 9

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

Question # 10

The income effect of a price change

Question # 11

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 12

A profit maximizing monopolist in two separate markets will

Question # 13

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 14

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 15

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.

Question # 16

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 17

"Treating an individual as typical of a group" in the definition of.

Question # 18

Which of the following is a characteristic of monopolistic competition.

Question # 19

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

Question # 20

Skills that embodied in a person are called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
3 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
4 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
5 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
6 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
7 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
8 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
9 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.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
10 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15

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