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

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 2

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 3

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

Question # 4

Cross -elasticity following commodities is very high

Question # 5

A negatively sloped isoquant implies

Question # 6

Economic growth is shown on the production possibility frontier as.

Question # 7

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.

Question # 8

An -increase the expected future price of a good.

Question # 9

Which of the following explains why demand curves slope downward.

Question # 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.

Question # 11

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

Question # 12

A demand curve is not related to

Question # 13

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

Question # 14

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 15

A combination labour and capital where the cost of an output is minimized is called.

Question # 16

Labour has the following characteristics accept one.

Question # 17

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

Question # 18

In perfect competition the transpiration cost

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
2 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
3 Along the long run supply curve all of the following can vary except.
A. The level of profits
B. The number of firms in the industry
C. Input prices
D. The level of input usage
4 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
5 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
6 Oligopoly is a market structure in which
A. Many firms each produce a slightly differentiated product
B. One firm produces as unique product
C. A small number of firms compete
D. Many firms produce an identical product
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 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
9 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
10 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.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6

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