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

For a competitive firm the demand curve

Question # 2

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 3

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 4

Disposable income is equal to.

Question # 5

The income elasticity of inferior goods is

Question # 6

A demand curve that is an equilateral hyperbola is.

Question # 7

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 8

A firm that is a price taker faces a perfectly

Question # 9

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 10

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 # 11

Firms in monopolistic competition compete on

Question # 12

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

Question # 13

In price discrimination, which section of the market is charged the higher price.

Question # 14

Which of the following is correct for the demand and supply schedules given above.

Question # 15

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 16

A demand curve shows that relation between price and demand.

Question # 17

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 18

In order to practice price discrimination which of the following is needed.

Question # 19

An increase in price causes an increase in total revenue when.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
2 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
3 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
4 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
5 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
6 If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
7 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.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
8 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
9 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
10 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.

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