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

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

Question # 2

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 3

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

Question # 4

Which of the following is a characteristics of monopolistic competition.

Question # 5

the ouput where diminishing return to production begin is also the ouput where

Question # 6

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 7

If leisure is an inferior good the individuals supply curve for labor is.

Question # 8

Oligopoly is a market structure in which

Question # 9

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 10

A production function for a firm which produces a product with two or more inputs.

Question # 11

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 12

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

Question # 13

A normal good can be defined as one which consumers purchase more of as.

Question # 14

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

Question # 15

The demand for labor slopes down and to the right because of.

Question # 16

Immediately after a through we would expect to have al

Question # 17

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

Question # 18

A monopsony is

Question # 19

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 20

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When a tax is levied on a good.
A. The market price falls because demand declines.
B. The market price falls because supply falls.
C. A wedge is placed between the price buyers pay and the price sellers receive
D. The market price rises because demand falls.
2 Which of the following is correct with respect to the Paasche index.
A. The consumer Price index is an example of the Paasche index.
B. The Paasche index is biased upward
C. The Passche index always exceeds 1
D. The Paasche index uses given period quantities
3 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
4 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
5 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
6 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price
7 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
8 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
9 Indifference curve is alwyas.
A. Vertical
B. Horizontal
C. Concave
D. Convex
10 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above

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