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

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

When goods are compliments the cross demand curve

Question # 2

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

Question # 3

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

Question # 4

Oligopoly is a market structure in which

Question # 5

A firm A's break even quantity is.

Question # 6

The demand for labor will be more elastic if

Question # 7

Perfect competition implies

Question # 8

In monopoly the firm can

Question # 9

A demand curve that is an equilateral hyperbola is.

Question # 10

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

Question # 11

In perfect competition price is settled by

Question # 12

Allocative efficiency is achieved under which of the following market structures.

Question # 13

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

Question # 14

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 15

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

Question # 16

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

Question # 17

In perfect competition the transpiration cost

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

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

Question # 20

In the short run the competitive firm will produce if.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
2 The short run supply curve for a competitive industry is derived by.
A. Horizontally summing the marginal cost curves for each firm in the industry
B. Horizontally summing the average variable cost curves for each firming the industry
C. Vertically summing the marginal cost curves for each firm in the industry
D. None of the above
3 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
4 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
5 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.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
6 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
7 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough
8 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
9 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
10 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

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