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 classical are of the view that utility can be.

Question # 2

Oligopoly is a market structure in which

Question # 3

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 4

Cardinal approach theory was presented by

Question # 5

Which of the following does not apply to pareto efficiency.

Question # 6

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 7

If leisure is an inferior good the individuals supply curve for labor is.

Question # 8

Firm A's margin of safety is.

Question # 9

A profit maximizing monopolist in two separate markets will

Question # 10

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 11

Price discrimination occurs when

Question # 12

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

Question # 13

Skills that can be transferred to other employers are called.

Question # 14

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 15

The long run is a time period that is.

Question # 16

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 17

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 18

A monopoly market.

Question # 19

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 20

Which of the following correct about firms in an oligopoly.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
2 Allocative efficiency is achieved under which of the following market structures.
A. Perfect competition
B. Monopolistic competition
C. Oligopoly
D. Monopoly
3 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
4 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
5 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
6 When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.
A. An increase an increase
B. An increase, a decrease
C. A decrease, an increase
D. A decrease, a decrease
7 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
8 If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.
A. Increase in demand
B. Decrease in demand
C. Increase in total revenue
D. Decrease in total revenue
9 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
10 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300

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