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

  • Total Questions20

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 2

The conditions necessary for a firm to be able to price discriminate include.

Question # 3

Which of the following explains why demand curves slope downward.

Question # 4

Disposable income is equal to.

Question # 5

The method most commonly used to test the overall significance of a regression is.

Question # 6

The demand curve of unitary elastic commodity is.

Question # 7

Which of the following is a characteristic of monopolistic competition.

Question # 8

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

Question # 9

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

Question # 10

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 11

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 12

In perfect competition the transpiration cost

Question # 13

When goods are compliments the cross demand curve

Question # 14

Duopoly is a market situation when there is

Question # 15

Firms in monopolistic competition compete on

Question # 16

Firm A's annual profit is.

Question # 17

In long run equilibrium a monopolistically competitive firm will find.

Question # 18

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.

Question # 19

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

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 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
2 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
3 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
4 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
5 Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.
A. A necessity
B. An independent good
C. An inferior good
D. A luxury good
6 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
7 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
8 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
9 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
10 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex

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