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

In the long run a profit maximizing monopoly produces an output volume that

Question # 2

Immediately after a through we would expect to have al

Question # 3

An increase in price causes an increase in total revenue when.

Question # 4

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 5

An elasticity coefficient of -1 means that

Question # 6

One of the following has more elastic demand.

Question # 7

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

Question # 8

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

Question # 9

As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.

Question # 10

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 11

MC = MR= AR=AC = Price shows the longs run

Question # 12

Which skills are most likely to be paid for by the employer.

Question # 13

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

Question # 14

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 15

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 16

The demand curve of unitary elastic commodity is.

Question # 17

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

Question # 18

An income demanded curve of an inferior good is.

Question # 19

The same graph shows that the firm order to maximize profits , should produce.

Question # 20

For a competitive firm the demand curve

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
2 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
3 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
4 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
5 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.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
6 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
7 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
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 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 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.

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