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

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 2

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 3

In a typical cartel agreement the cartel maximizes profit when it.

Question # 4

Firm A's annual profit is.

Question # 5

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 # 6

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

Question # 7

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

Question # 8

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 9

In the long run a profit maximizing firm will choose to exit a market when

Question # 10

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

Question # 11

The "compensated" demand curve is the demand curve that.

Question # 12

An exceptional demand curve is.

Question # 13

The largest source of tax revenue for the federal government is

Question # 14

The total utility of the third unit of product x is.

Question # 15

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

Question # 16

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

Question # 17

If the price of both goods increase by the same percent , the budget line will.

Question # 18

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

Question # 19

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 20

A long-run total cost curve can be constructed from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
2 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
3 In Production of goods and services tradeoffs exist becasue.
A. Buyers and sellers often negotiate prices
B. Society has only a limited amount of productive resources
C. Not all production is efficient
D. Human wants and needs are limited at a particular point in time
4 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
5 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
6 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
7 Indifference curve theory is old wine in new labeled bottle is said by.
A. Marshall
B. Griffin
C. Ricardo
D. Allen
8 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
9 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
10 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.

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