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

00:00
Question # 1

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 # 2

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 3

Economic growth is shown on the production possibility frontier as.

Question # 4

A monopolist will maximize profit.

Question # 5

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 6

A typical demand curve cannot be

Question # 7

The demand for labor slopes down and to the right because of.

Question # 8

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

Question # 9

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 10

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

Question # 11

In monopoly the firm can

Question # 12

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 13

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 14

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

Question # 15

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 16

The income elasticity of inferior goods is

Question # 17

When there is a surplus in a market

Question # 18

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

Question # 19

The key feature of oligopoly is.

Question # 20

According to Keynes, when the great depression started the government should be.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
3 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
4 If the prices of both goods increase by the same percent the budget line will
A. Shift parallel to the left
B. shift parallel to the right
C. Pivot about the x axis
D. Pivot abut the Y axis
5 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
6 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
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 perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
9 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
10 The downward kinked demand curve facing the individual oligopolistic implies that
A. He face price certainlty
B. Competitors have a tendency to follow price decreases but not price increase
C. Total revenue remains same if a firm increases price
D. None of these

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