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

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

Question # 2

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 3

Which of the following is a function of money

Question # 4

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 5

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

Question # 6

Along the long run supply curve all of the following can vary except.

Question # 7

A negatively sloped isoquant implies

Question # 8

The "compensated" demand curve is the demand curve that.

Question # 9

The elasticity of demand for cigarettes by a non smoker is.

Question # 10

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 11

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

Question # 12

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 13

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

Question # 14

A demand curve shows that relation between price and demand.

Question # 15

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

Question # 16

The law of diminishing marginal returns to a factor of production is.

Question # 17

Duopoly is a market situation when there is

Question # 18

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

Question # 19

Economic growth is shown on the production possibility frontier as.

Question # 20

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined
2 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
3 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
4 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
5 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
6 If the demand curve for a good is downward sloping then the good must be.
A. Normal
B. Inferior
C. Giffen
D. Either a or b
7 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
8 The exit of firms out of a competitive market causes the supply curve to.
A. Shift leftward
B. shift rights ward
C. None of the above for the exit of firms supply curve
D. shift either left or right depending on the number of firms leaving the market
9 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
10 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx

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