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

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

Question # 2

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 3

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

Question # 4

The income elasticity of inferior goods is

Question # 5

A monopoly there is

Question # 6

In monopsony there is

Question # 7

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

Question # 8

A monopsony is

Question # 9

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

Question # 10

A negatively sloped isoquant implies

Question # 11

If a firm which polluted the water of area had to pay all social cost would have

Question # 12

A monolithically competitive market is characterized by all of the following except.

Question # 13

The most important determinant of price elasticity is.

Question # 14

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

Question # 15

In the short run a competitive firm's supply curve is.

Question # 16

Which of the following is an automatic stabilizer.

Question # 17

A linear homogenous production function would reveal.

Question # 18

In substitution effect a consumer

Question # 19

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 20

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
2 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
3 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
4 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
5 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
6 Skills that can be transferred to other employers are called.
A. General skills
B. Specific skills
C. Non pecuniary skills
D. All of the above
7 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
8 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
9 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
10 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge

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