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

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

Question # 2

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 # 3

The Isoquant curve shows different combinations of two factors of production which give the producer.

Question # 4

Extension and contraction of demand mean

Question # 5

A market demand curve can be derived by adding all the individual demand curves

Question # 6

When there is a surplus in a market

Question # 7

Immediately after a through we would expect to have al

Question # 8

Law of variable proportion sis applicable in.

Question # 9

In case of complimentary goods, if the price of one commodity falls there will be.

Question # 10

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.

Question # 11

The income effect of a price change

Question # 12

Micro economics studies such topics as

Question # 13

In monopoly there is.

Question # 14

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

Question # 15

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 16

The price elasticity of demand is teh same thing as the negative of the

Question # 17

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

Question # 18

If a good is normal then the demand curve for that good must be.

Question # 19

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 20

Skills that embodied in a person are called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
3 If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.
A. 0
B. 1
C. Infinite
D. 15
4 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
5 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
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 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
8 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
9 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
10 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope

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