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

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

Question # 2

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

Question # 3

The classical are of the view that utility can be.

Question # 4

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

Question # 5

A long-run total cost curve can be constructed from

Question # 6

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

Question # 7

Which of the following is NOT an example of non price competition the auto industry.

Question # 8

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.

Question # 9

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 10

Which of the following explains why demand curves slope downward.

Question # 11

Firm A's margin of safety is.

Question # 12

A typical demand curve cannot be

Question # 13

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 14

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 15

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 # 16

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

Question # 17

In perfect competition the transpiration cost

Question # 18

The monopolization of the competitive market results in a deadweight loss to society of

Question # 19

In monopolistic competition firm sell

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
2 A monolithically competitive market is characterized by all of the following except.
A. Easy entry
B. Differentiated product
C. Excess capacity
D. Economic profit in the long run
3 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.
4 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
5 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
6 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
7 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
8 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
9 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
10 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics

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