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

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 2

Micro economics is the study of.

Question # 3

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 4

A demand curve that is an equilateral hyperbola is.

Question # 5

Firm A's annual profit is.

Question # 6

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

Question # 7

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

Question # 8

A firm's long run average total cost lineis

Question # 9

The Lorenz curve shows that

Question # 10

If the demand curve for a good is downward sloping then the good must be.

Question # 11

change in quantity demanded

Question # 12

A monopoly market.

Question # 13

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

Question # 14

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

Question # 15

The largest source of tax revenue for the federal government is

Question # 16

Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.

Question # 17

The demand curve of unitary elastic commodity is.

Question # 18

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 19

Extension and contraction of demand mean

Question # 20

An increase in the discount rate at the FED generally has the following effect on bond prices.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
3 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.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
4 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
5 If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.
A. The substitution effect only
B. The income effect only
C. A change in income
D. The substitution and income effects.
6 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
7 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
8 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
9 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
10 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

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