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 ABC corporation.

Question # 2

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

Question # 3

Labour has the following characteristics accept one.

Question # 4

To maximize revenue, an excise tax should be imposed on a product

Question # 5

What is the production level for public good W, if the government uses full cost pricing.

Question # 6

If a firm triples all inputs and output triples as well the firm is subject to

Question # 7

Which of the policies in the table above an increase in social welfare according to pareto efficiency.

Question # 8

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

Question # 9

change in quantity demanded

Question # 10

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

Question # 11

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 12

The income elasticity of demand

Question # 13

In monopsony there is

Question # 14

Cardinal approach theory was presented by

Question # 15

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

Question # 16

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 17

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 18

An elasticity coefficient of -1 means that

Question # 19

If an increase in the price of gasoline increases the demand for gas hybrid cars, then

Question # 20

Duopoly is a market situation when there is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The arc income elasticity of demand is approximately
A. 0.02
B. 1.9
C. 3.3
D. 0.5
2 The downward kinked demand curve facing the individual oligopolistic implies that
A. He face price certainlty
B. Competitors have a tendency to follow price decreases but not price increase
C. Total revenue remains same if a firm increases price
D. None of these
3 Which of the following is a characteristics 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's quality price and marketing.
D. When firms are free to enter and exit the market
4 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
5 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
6 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
7 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
8 The supply curve of a monopolist is always.
A. More elastic
B. Less elastic
C. undefined
D. Steeper
9 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
10 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases

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