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

Skills that embodied in a person are called.

Question # 2

In perfect competition the industry will be in equilibrium.

Question # 3

The long run is a time period that is.

Question # 4

A production possibilities curve indicates that when resources are being used efficiently

Question # 5

The ABC corporation.

Question # 6

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 7

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 8

A price decrease and an increase in income are similar in that

Question # 9

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

Question # 10

Which of the following correct about firms in an oligopoly.

Question # 11

The conditions necessary for a firm to be able to price discriminate include.

Question # 12

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

Question # 13

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 14

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 # 15

Short run is a time frame where a firm can change its.,

Question # 16

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 17

A market demand curve can be derived by adding all the individual demand curves

Question # 18

If the price of product X falls and this change increases the demand for product Y then.

Question # 19

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.

Question # 20

If the demand curve for a good is downward sloping then the good must be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
2 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
3 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
4 When due to change in price of commodity x demand of commodity y is charged it is called.
A. Income elasticity
B. Price elasticity
C. More elastic
D. Cross elasticity
5 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
6 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
7 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
8 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
9 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus
10 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods

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