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

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 2

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

Question # 3

In the short run the competitive firm will produce if.

Question # 4

Average fixed cost

Question # 5

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

Question # 6

The income elasticity of demand

Question # 7

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

Question # 8

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 9

Economists tend to disagree primarily about.

Question # 10

Marginal cost is the change is cost the result from a one unit increase in.

Question # 11

The short run supply curve for a competitive industry is derived by.

Question # 12

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

Question # 13

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 14

The demand for labor will be more elastic if

Question # 15

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 16

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 17

If a monopolist faces a downward sloping market demand curve its.

Question # 18

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

Question # 19

change in quantity demanded

Question # 20

Firm A's annual profit is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
3 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.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
4 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
5 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
6 The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.
A. The firm faces decreasing returns to scale
B. The firm faces increasing costs
C. The firm must incur selling expenses including advertising.
D. The firm faces a downward sloping demand curve
7 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
8 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
9 Law of variable proportion sis applicable in.
A. Short run
B. Long run
C. Anytime
D. Fore ever
10 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve

Test Questions