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

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

Question # 2

In the short run a competitive firm's supply curve is.

Question # 3

In Production of goods and services tradeoffs exist becasue.

Question # 4

In a typical cartel agreement the cartel maximizes profit when it.

Question # 5

The demand for labor is the same as the

Question # 6

"Treating an individual as typical of a group" in the definition of.

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

An exceptional demand curve is.

Question # 11

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 12

The demand curve of unitary elastic commodity is.

Question # 13

A monopolist will discontinue production if

Question # 14

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 15

The epigram "time is money" expresses , in part, the concept of.

Question # 16

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 17

In pure monopoly there is.

Question # 18

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

Question # 19

If a monopoly is unable to cover its short run variable costs, if should.

Question # 20

The income effect of a price change

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
2 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even
3 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
4 Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
5 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
6 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
7 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
8 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
9 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
10 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above

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