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

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 2

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 3

At level of income and output of 100 in the diagram above

Question # 4

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 5

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

Question # 6

When the quantity demanded is changed on the same price

Question # 7

In capitalistic economy price is determined by

Question # 8

The monopolization of the competitive market results in a deadweight loss to society of

Question # 9

In the short run no firm operates with a loss unless

Question # 10

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 11

The epigram "time is money" expresses , in part, the concept of.

Question # 12

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 13

Which of the following is correct with respect to the Paasche index.

Question # 14

A long-run total cost curve can be constructed from

Question # 15

The price elasticity of demand is teh same thing as the negative of the

Question # 16

The ABC corporation.

Question # 17

In monopolistic competition firm sell

Question # 18

The largest source of tax revenue for the federal government is

Question # 19

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 20

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
2 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
3 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these
4 In order to practice price discrimination which of the following is needed.
A. Some degree of monopoly power
B. An ability to separate the market
C. An ability to prevent reselling
D. All of the above
5 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
6 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
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 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
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 Micro economics studies such topics as
A. The factors that determine inflation
B. The forces that influence the price of shoes
C. The determinants of total output
D. Whether the unemployment rate will rise or fall

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