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

00:00
Question # 1

The most important determinant of price elasticity is.

Question # 2

The "Law of demand" most directly means that consumers buy

Question # 3

In an industry with a falling long term supply curve, which of the following is true.

Question # 4

An elasticity coefficient of -1 means that

Question # 5

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 6

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 7

If the income elasticity of demand is +4

Question # 8

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

Question # 9

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

Question # 10

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

Question # 11

Which of the following is a function of money

Question # 12

the ouput where diminishing return to production begin is also the ouput where

Question # 13

Which of the following shifts the demand curve for hot dogs leftward.

Question # 14

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

Question # 15

Holding all other things constant a higher price for ski lift tickets would.

Question # 16

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 17

The are price elasticity of demand is approximately

Question # 18

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

Question # 19

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 20

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.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
2 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
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 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
5 If the prices of both goods increase by the same percent the budget line will
A. Shift parallel to the left
B. shift parallel to the right
C. Pivot about the x axis
D. Pivot abut the Y axis
6 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic
7 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
8 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
9 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
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
10 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost

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