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

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

Question # 2

The exit of firms out of a competitive market causes the supply curve to.

Question # 3

The firms average variable cost of the 150th unit is.

Question # 4

A profit maximizing monopolist in two separate markets will

Question # 5

Which of the following is an automatic stabilizer.

Question # 6

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.

Question # 7

Which of the following is a characteristic of monopolistic competition.

Question # 8

At level of income and output of 100 in the diagram above

Question # 9

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 10

The arc income elasticity of demand is approximately

Question # 11

The demand for labor slopes down and to the right because of.

Question # 12

Which skills are most likely to be paid for by the employer.

Question # 13

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

Question # 14

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 15

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

Question # 16

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 17

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 18

The are price elasticity of demand is approximately

Question # 19

If the price of both goods increase by the same percent , the budget line will.

Question # 20

In the long run a profit maximizing monopoly produces an output volume that

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
2 As long as the principle of diminishing marginal utility is operating any increased consumption of good.
A. Lowers total utility
B. Produces negative total utility
C. Lower marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
3 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
4 In monopolistic competition, firms desire to sell more output at equilibrium because.
A. Price is greater than average cost
B. Price is greater than average variable cost
C. Price is greater than marginal cost
D. Price is equal to marginal revenue
5 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
6 "The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.
A. Allen
B. Marshall
C. Adam smith
D. Robert griffin
7 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
8 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
9 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
10 Extension and contraction of demand mean
A. Movement on the same demand curve
B. Movement to high demand curve
C. Movement to lower demand curve
D. Movement to another demand curve

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