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

Which of the following shifts the demand curve for hot dogs leftward.

Question # 2

A price decrease and an increase in income are similar in that

Question # 3

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 4

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 5

The expected profit from the profit distribution above is.

Question # 6

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

Question # 7

In the long run a profit maximizing monopoly produces an output volume that

Question # 8

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

Question # 9

A long-run total cost curve can be constructed from

Question # 10

A linear homogenous production function would reveal.

Question # 11

Indifference curve has following characteristics except.

Question # 12

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 13

In an industry with a falling long term supply curve, which of the following is true.

Question # 14

Which of the following does not apply to pareto efficiency.

Question # 15

Firms entering a perfectly competitive market will cause the price of the product to

Question # 16

Skills that embodied in a person are called.

Question # 17

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 18

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 19

Which of the following correct about firms in an oligopoly.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The downward kinked demand curve facing the individual oligopolistic implies that
A. He face price certainlty
B. Competitors have a tendency to follow price decreases but not price increase
C. Total revenue remains same if a firm increases price
D. None of these
2 Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.
A. Remains is balance
B. Has a surplus
C. Has a deficit
D. None of these
3 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
4 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.
A. 20 Units
B. 800 Units
C. 399 Units
D. 80 units
5 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
6 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
7 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
8 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
9 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30
10 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

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