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

  • Total Questions20

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 2

If the income elasticity of demand is +4

Question # 3

The same graph shows that the firm order to maximize profits , should produce.

Question # 4

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 5

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 6

The tax is question 52 is

Question # 7

The Lorenz curve shows that

Question # 8

A monopsony is

Question # 9

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

Question # 10

A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.

Question # 11

A negatively sloped isoquant implies

Question # 12

Short run is a time frame where a firm can change its.,

Question # 13

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 14

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

Question # 15

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

Question # 16

Skills that embodied in a person are called.

Question # 17

Law of variable proportion is also called.

Question # 18

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

Question # 19

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

Question # 20

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
2 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
3 A consumer is said to be in equilibrium when the marginla utility and price of a commodity
A. More
B. Less
C. Irrelevant
D. Equal
4 In contract to perfectly competitive markets monopolists
A. Do no have to worry about market demand
B. Sell only if demand is inelastic
C. Can never incur an economic loss
D. Can earn an economic profit indefinitely
5 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
6 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
7 Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.
A. Total revenue
B. Marginal physical product
C. Marginal revenues product
D. Marginal revenue
8 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
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 If A is preferred to B and B is preferred to C and there is indifference between A and D
A. D is preferred to C
B. B is preferred to D
C. There is indifference between C and D
D. There is indifference between B and D

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