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

A demand curve shows that relation between price and demand.

Question # 2

If average variable cos tis less then marginal cost then certainly.

Question # 3

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

Question # 4

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 5

In substitution effect a consumer

Question # 6

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 7

Which of the following would cause the demand curve for an input to shift.

Question # 8

Under perfect competition, the price system automatically result in efficient output selection when

Question # 9

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 10

Indifference curve approach is also called.

Question # 11

Firms in monopolistic competition compete on

Question # 12

A long-run total cost curve can be constructed from

Question # 13

The demand curve of unitary elastic commodity is.

Question # 14

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

Question # 15

A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.

Question # 16

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 17

Goods which can be consume directly are

Question # 18

Duopoly is a market situation when there is

Question # 19

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

Question # 20

To maximize revenue, an excise tax should be imposed on a product

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In order to constitute an oligopolistic market structure.
A. There must be a few firms in a given relevant market
B. There must be a few firms selling in a national market
C. There must be more than 20 firms selling in the international market
D. There must be fewer than 15 firm is any given market
2 Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
3 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
4 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
5 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
6 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b
7 The marginal rate of substitution for two goods can be obtained from
A. The slope of the demand curve
B. The slope of the indifference curve
C. The ration of first derivative of the total utility functions
D. B and D both
8 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
9 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
10 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted

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