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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

The key feature of oligopoly is.

Question # 2

The most important determinant of price elasticity is.

Question # 3

A monopoly there is

Question # 4

A market demand curve can be derived by adding all the individual demand curves

Question # 5

The demand for labor will be more elastic if

Question # 6

The supply curve of a monopolist is always.

Question # 7

For a competitive firm the demand curve

Question # 8

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

Question # 9

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 # 10

A price decrease and an increase in income are similar in that

Question # 11

Firm A's annual profit is.

Question # 12

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 13

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

Question # 14

The average total cost when 20 units of output are produced is

Question # 15

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 16

If the price of an apple increases.

Question # 17

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

Question # 18

A monopolist will maximize profit.

Question # 19

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 # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
2 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes
3 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
4 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
5 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
6 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
7 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.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
8 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
9 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
10 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly

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