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

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

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

Question # 2

Economists tend to disagree primarily about.

Question # 3

If a monopolist faces a downward sloping market demand curve its.

Question # 4

Firms in monopolistic competition compete on

Question # 5

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 6

If the price of an apple increases.

Question # 7

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 8

A profit maximizing monopolist in two separate markets will

Question # 9

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

Question # 10

When the demand curve is vertical its shows that the demand is.

Question # 11

MC = MR= AR=AC = Price shows the longs run

Question # 12

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 13

The expected profit from the profit distribution above is.

Question # 14

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

Question # 15

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

Question # 16

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 17

If a monopoly is unable to cover its short run variable costs, if should.

Question # 18

In monopoly there is.

Question # 19

In the short run, the supply of farm commodities is.

Question # 20

A monolithically competitive market is characterized by all of the following except.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
2 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.
3 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
4 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
5 If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale
6 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
7 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
8 The Lorenz curve shows that
A. unemployment does not affect social group
B. People with low income spend more
C. People with low income spend less
D. the degree of income equality in the economy
9 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
10 The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.
A. Consumers incomes will increase
B. The demand curve will shift toward
C. All prices will increase over time
D. Consumers will be better able to find substitutes

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