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

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 # 2

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

Question # 3

Indifference curve theory is old wine in new labeled bottle is said by.

Question # 4

The total utility of the third unit of product x is.

Question # 5

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

Question # 6

Indifference curve is alwyas.

Question # 7

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 8

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

Question # 9

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

Question # 10

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 11

Price elasticity at a given price is not affected by.

Question # 12

Indifference curve approach is also called.

Question # 13

As long as all prices remain constant an increase in money income results in.

Question # 14

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 15

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

Question # 16

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

Question # 17

A firm's long run average total cost lineis

Question # 18

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 19

The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income

Question # 20

Labour has the following characteristics accept one.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC
2 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
3 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
4 If the price of an apple increases.
A. Its opportunity cost decreases
B. Its opportunity cost increases
C. The substitution effect does not occur
D. The income effect does not occur
5 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
6 Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.
A. The demand for internet services increases.
B. The demand for internet services decreases
C. The demand for internet services does not change
D. The demand for internet services could increase, decrese, or stay the same depending on other factors.
7 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
8 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
9 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
10 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.

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