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 utility contour shows all the alternative combinations of two consumption goods that.

Question # 2

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

Question # 3

When economists say that a per son is economizing they mean that the person is.

Question # 4

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 # 5

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 # 6

Duopoly is a market situation when there is

Question # 7

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

Question # 8

The income effect of a price change

Question # 9

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 10

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 11

In the short run the competitive firm will produce if.

Question # 12

Micro economics is the study of.

Question # 13

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 14

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 15

In the short run if price falls the firm will respond by

Question # 16

If the demand curve for a good is downward sloping then the good must be.

Question # 17

If the prices of both goods increase by the same percent the budget line will

Question # 18

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 # 19

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

Question # 20

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Short run is a time frame where a firm can change its.,
A. Total cost
B. Total production
C. Plant size
D. None of these
2 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
3 If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
4 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b
5 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
6 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
7 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
8 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
9 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
10 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c

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