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

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

Question # 2

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 # 3

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 # 4

Indifference curve has following characteristics except.

Question # 5

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

Question # 6

A linear homogenous production function would reveal.

Question # 7

If a firm which polluted the water of area had to pay all social cost would have

Question # 8

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 9

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 10

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

Question # 11

Which of the following would cause the demand curve for an input to shift.

Question # 12

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 13

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 14

An exceptional demand curve is.

Question # 15

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

Question # 16

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

Question # 17

Which of the following is a characteristics of monopolistic competition.

Question # 18

Economic growth is shown on the production possibility frontier as.

Question # 19

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 # 20

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
2 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
3 A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.
A. Faces a downward sloping demand curve
B. Can change the characteristics of its product.
C. Can vary the price of its product.
D. All of the above
4 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
5 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
6 In a typical cartel agreement the cartel maximizes profit when it.
A. Behaves like a monopoly
B. Behaves like a perfectly competitive firm
C. Behaves like a duopoly
D. Is flexible in enforcing production targets
7 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
8 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
9 If Supply and demand both decrease simultaneously. Which of the following will happen.
A. Price will rise
B. Quantity sold will rise
C. Price will fall
D. Quantity sold will decrease
10 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall

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