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 price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 2

When the demand curve is vertical its shows that the demand is.

Question # 3

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 # 4

A production possibilities curve indicates that when resources are being used efficiently

Question # 5

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 6

An income demanded curve of an inferior good is.

Question # 7

An oligopolistic industry can be characterized by all of the following except

Question # 8

When goods are compliments the cross demand curve

Question # 9

A firm's long run average total cost lineis

Question # 10

The ABC corporation.

Question # 11

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 12

Foundation of law of demand is.

Question # 13

Which of the following is NOT an example of non price competition the auto industry.

Question # 14

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 15

If the price of both goods increase by the same percent , the budget line will.

Question # 16

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 17

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 18

The marginal rate of substitution for two goods can be obtained from

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good
2 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
3 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
4 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
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 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
7 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
8 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
9 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
10 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft

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