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

In price discrimination, which section of the market is charged the higher price.

Question # 2

A long-run total cost curve can be constructed from

Question # 3

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

Question # 4

A production function for a firm which produces a product with two or more inputs.

Question # 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.

Question # 6

Which of the following is not a basic assumption of perfect competition.

Question # 7

A monopolist who is charging high price operates on.

Question # 8

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 9

In perfect competition, a seller by increasing price.

Question # 10

Economists tend to disagree primarily about.

Question # 11

Which of the following does not represent a barrier to entry into a market.

Question # 12

A demand curve that is an equilateral hyperbola is.

Question # 13

The law of diminishing marginal returns to a factor of production is.

Question # 14

In Production of goods and services tradeoffs exist becasue.

Question # 15

The short run supply curve for a competitive industry is derived by.

Question # 16

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 17

To maximize revenue, an excise tax should be imposed on a product

Question # 18

Micro economics studies such topics as

Question # 19

The method most commonly used to test the overall significance of a regression is.

Question # 20

Extension and contraction of demand mean

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
2 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
3 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
4 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
5 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
6 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above
7 Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.
A. Employed
B. Unemployed
C. Not in the labor force
D. None of these
8 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases
9 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
10 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

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