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

The average total cost when 20 units of output are produced is

Question # 2

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

Question # 3

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 4

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

Question # 5

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 # 6

change in quantity demanded

Question # 7

The Lorenz curve shows that

Question # 8

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

Question # 9

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

Question # 10

An elasticity coefficient of -1 means that

Question # 11

The most important determinant of price elasticity is.

Question # 12

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 # 13

In the short run no firm operates with a loss unless

Question # 14

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 15

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

Question # 16

A price cross elasticity of 0.81 between X and Y shows that.

Question # 17

The income elasticity of demand

Question # 18

Along the long run supply curve all of the following can vary except.

Question # 19

The "Law of demand" most directly means that consumers buy

Question # 20

In perfect competition, a seller by increasing price.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
2 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
3 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
4 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
5 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
6 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
7 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
8 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
9 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
10 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

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