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

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

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

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

Question # 4

The price elasticity of demand is teh same thing as the negative of the

Question # 5

The long run is a time period that is.

Question # 6

Firm A's margin of safety is.

Question # 7

Micro economics studies such topics as

Question # 8

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 9

If the price of an apple increases.

Question # 10

the ouput where diminishing return to production begin is also the ouput where

Question # 11

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

Question # 12

As long as all prices remain constant an increase in money income results in.

Question # 13

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 14

Elasticity of demand of luxurious goods is always more elastic

Question # 15

A demand curve shows that relation between price and demand.

Question # 16

Which of the following groups is most hurt by unexpected inflation.

Question # 17

When the quantity demanded is changed on the same price

Question # 18

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 19

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

Question # 20

In perfect competition price is settled by

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
2 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
3 The demand for labor slopes down and to the right because of.
A. The law of demand
B. The iron law of wages
C. The law of diminishing marginal returns
D. Economies of scale
4 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
5 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
6 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
7 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
8 The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.
A. 6%
B. 8%
C. 10%
D. 9%
9 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
10 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

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