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

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

Question # 2

Which of the following explains why demand curves slope downward.

Question # 3

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

Question # 4

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 5

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 6

A price cross elasticity of 0.81 between X and Y shows that.

Question # 7

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

Question # 8

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

Question # 9

In perfect competition price is settled by

Question # 10

The same graph shows that the firm order to maximize profits , should produce.

Question # 11

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 12

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 13

If a good is normal then the demand curve for that good must be.

Question # 14

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 # 15

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 16

Which of the following is an automatic stabilizer.

Question # 17

A firm that is a price taker faces a perfectly

Question # 18

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 19

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 20

The long run is a time period that is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 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
3 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
4 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.
A. 0
B. 1
C. Infinite
D. 15
5 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
6 Law of demand is not applicable on
A. Daily goods
B. Scarce goods
C. Consumer goods
D. Producer goods
7 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
8 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D
9 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
10 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b

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