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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 2

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 # 3

An elasticity coefficient of -1 means that

Question # 4

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

Question # 5

The demand curve of unitary elastic commodity is.

Question # 6

The tax is question 52 is

Question # 7

A monopoly there is

Question # 8

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 9

Duopoly is a market situation when there is

Question # 10

When economists say that a per son is economizing they mean that the person is.

Question # 11

Micro economics studies such topics as

Question # 12

A profit maximizing monopolist in two separate markets will

Question # 13

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

Question # 14

Indifference curve has following characteristics except.

Question # 15

In an industry with a falling long term supply curve, which of the following is true.

Question # 16

The are price elasticity of demand is approximately

Question # 17

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

Question # 18

The supply curve of a monopolist is always.

Question # 19

Cross -elasticity following commodities is very high

Question # 20

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The "Law of demand" most directly means that consumers buy
A. More of a good the higher their incomes, ceteris paribus.
B. Less of good the higher its price ceteris paribus
C. Buy more of a good the less is its supply ceteris paribus
D. Buy less of a good the greater is its supply ceteris paribus
2 In order to practice price discrimination which of the following is needed.
A. Some degree of monopoly power
B. An ability to separate the market
C. An ability to prevent reselling
D. All of the above
3 A monopolist will discontinue production if
A. Marginal revenue is less than marginal cost
B. Marginal revenue is less than average total cost
C. Marginal revenue is less the average fixed cost
D. Price is less than average variable cost
4 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
5 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
6 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
7 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
8 A long-run total cost curve can be constructed from
A. An income consumption curve
B. A price consumption curve
C. Isoquant is cost expansion path diagram
D. An Engel curve
9 When Daimler Benz maker of the Mercedes bought Chrysler the merger was
A. Horizontal
B. Vertical
C. Conglomerate
D. None of these
10 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics

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