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

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 2

Which of the following is correct with respect to the Paasche index.

Question # 3

Under perfect competition, the price system automatically result in efficient output selection when

Question # 4

Law of variable proportion is also called.

Question # 5

A monopolist will discontinue production if

Question # 6

Short run is a time frame where a firm can change its.,

Question # 7

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

Question # 8

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

Question # 9

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 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.

Question # 11

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

Question # 12

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

Question # 13

Firm A's margin of safety is.

Question # 14

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

Question # 15

A firm's long run average total cost lineis

Question # 16

Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.

Question # 17

An elasticity coefficient of -1 means that

Question # 18

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

Question # 19

In monopoly there is.

Question # 20

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

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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 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve
3 Price discrimination occurs when
A. A commodity has different elasticity in different markets
B. Same elasticity in different markets
C. Unitary elasticity different markets
D. Noe of these
4 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
5 When goods are compliments the cross demand curve
A. Upward to the right
B. Backward to bottom
C. Inwards to the right
D. Downwards to right
6 Which of the following taxes is regressive
A. The federal income tax
B. The state income tax
C. The sales tax
D. The Medicare tax
7 The average total cost when 20 units of output are produced is
A. Rs. 2,900
B. Rs.195
C. Rs. 20
D. Rs.900
8 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
9 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competiton
10 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450

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