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

Average fixed cost

Question # 2

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 3

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 # 4

Which of the following correct about firms in an oligopoly.

Question # 5

In the short run, the supply of farm commodities is.

Question # 6

Skills that can be transferred to other employers are called.

Question # 7

In order to practice price discrimination which of the following is needed.

Question # 8

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

Question # 9

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 10

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 # 11

A firm's long run average total cost lineis

Question # 12

In perfect competition the transpiration cost

Question # 13

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

Question # 14

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 15

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 16

Micro economics studies such topics as

Question # 17

Elasticity of demand of luxurious goods is always more elastic

Question # 18

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 19

If the price of both goods increase by the same percent , the budget line will.

Question # 20

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
2 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
3 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
4 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
5 Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
6 A firm that is a price taker faces a perfectly
A. Elastic supply curve
B. Inelastic demand curve
C. Elastic demand curve
D. In elastic supply curve
7 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.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
8 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
9 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
10 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income

Test Questions