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

An -increase the expected future price of a good.

Question # 2

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 3

The total utility of the third unit of product x is.

Question # 4

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 5

In perfect competition the industry will be in equilibrium.

Question # 6

When the demand curve is vertical its shows that the demand is.

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

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

Question # 11

Extension and contraction of demand mean

Question # 12

Allocative efficiency is achieved under which of the following market structures.

Question # 13

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 14

Which of the following correct about firms in an oligopoly.

Question # 15

Average fixed cost

Question # 16

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 17

The classical are of the view that utility can be.

Question # 18

When the quantity demanded is changed on the same price

Question # 19

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

Question # 20

A firm's long run average total cost lineis

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
2 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
3 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
4 Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.
A. A necessity
B. An independent good
C. An inferior good
D. A luxury good
5 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
6 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
7 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
8 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
9 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
10 A production possibilities curve indicates that when resources are being used efficiently
A. More of one good cna be produced only if less of another good is produced
B. More of one good can be produced only if its price is lowered
C. Producing more of one good result in greater production of other goods
D. More of one good can be product without producing less of other goods

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