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

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 2

A firm's long run average total cost lineis

Question # 3

The marginal rate of substitution for two goods can be obtained from

Question # 4

Which of the following is a function of money

Question # 5

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.

Question # 6

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

Question # 7

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 8

A negatively sloped isoquant implies

Question # 9

MC = MR= AR=AC = Price shows the longs run

Question # 10

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 11

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 12

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 13

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 14

A firm that is a price taker faces a perfectly

Question # 15

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

Question # 16

A demand curve shows that relation between price and demand.

Question # 17

In capitalistic economy price is determined by

Question # 18

In order to practice price discrimination which of the following is needed.

Question # 19

A profit maximizing monopolist in two separate markets will

Question # 20

Indifference curve is alwyas.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
2 The tax is question 52 is
A. Progressive's
B. Regressive
C. Proportional
D. None of these
3 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
4 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
5 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
6 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
7 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
8 Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
9 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
10 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin

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