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 supply curve of a monopolist is always.

Question # 2

Skills that can be transferred to other employers are called.

Question # 3

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

Question # 4

A monopsony is

Question # 5

Indifference curve approach is also called.

Question # 6

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 7

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 8

The arc income elasticity of demand is approximately

Question # 9

Goods which can be consume directly are

Question # 10

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 11

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

Question # 12

The demand curve of unitary elastic commodity is.

Question # 13

If a firm triples all inputs and output triples as well the firm is subject to

Question # 14

Which of the following would cause the demand curve for an input to shift.

Question # 15

Foundation of law of demand is.

Question # 16

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 17

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 18

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

Question # 19

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

Question # 20

Holding all other things constant a higher price for ski lift tickets would.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
2 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
3 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
4 The are price elasticity of demand is approximately
A. 0.3
B. 3.3
C. 6.0
D. 0.2
5 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
6 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
7 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption
8 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
9 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
10 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper

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