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

What is the production level for public good W, if the government uses full cost pricing.

Question # 2

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 3

Elasticity of demand of luxurious goods is always more elastic

Question # 4

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

Question # 5

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 6

Which of the following explains why demand curves slope downward.

Question # 7

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.

Question # 8

The largest source of tax revenue for the federal government is

Question # 9

A production function for a firm which produces a product with two or more inputs.

Question # 10

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 11

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 12

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 13

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 14

If there is no price surprise, total output is.

Question # 15

A firm that is a price taker faces a perfectly

Question # 16

A firm A's break even quantity is.

Question # 17

Cardinal approach theory was presented by

Question # 18

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 19

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 20

A combination labour and capital where the cost of an output is minimized is called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 The conditions necessary for a firm to be able to price discriminate include.
A. Segment able markets
B. Difference in price elasticity of demand among the segments
C. The inability of customers to transfer products
D. All of the above
3 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
4 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
5 A consumer is said to be in equilibrium when the marginla utility and price of a commodity
A. More
B. Less
C. Irrelevant
D. Equal
6 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
7 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
8 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
9 Which of the following is a characteristics 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's quality price and marketing.
D. When firms are free to enter and exit the market
10 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

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