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

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

Question # 2

The largest source of tax revenue for the federal government is

Question # 3

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 # 4

The income elasticity of demand

Question # 5

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

Question # 6

The marginal rate of substitution of two goods can be obtain from

Question # 7

What is the production level for public good W, if the government uses full cost pricing.

Question # 8

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

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

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

Question # 11

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 12

Which of the following does not represent a barrier to entry into a market.

Question # 13

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

Question # 14

An elasticity coefficient of -1 means that

Question # 15

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 16

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 17

If there is no price surprise, total output is.

Question # 18

Average fixed cost

Question # 19

A long-run total cost curve can be constructed from

Question # 20

In the short run, the supply of farm commodities is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
2 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income
3 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
4 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
5 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
6 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
7 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
8 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
9 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
10 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

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