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

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.

Question # 2

If the demand curve for a good is downward sloping then the good must be.

Question # 3

In monopolistic competition firm sell

Question # 4

In an industry with a falling long term supply curve, which of the following is true.

Question # 5

A combination labour and capital where the cost of an output is minimized is called.

Question # 6

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

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

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

Question # 11

Elasticity of demand of luxurious goods is always more elastic

Question # 12

Firms entering a perfectly competitive market will cause the price of the product to

Question # 13

The average total cost when 20 units of output are produced is

Question # 14

If the income elasticity of demand is +4

Question # 15

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 16

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 17

The law of diminishing marginal returns to a factor of production is.

Question # 18

In monopsony there is

Question # 19

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The demand for labor will be more elastic if
A. There are few substitutes for labor
B. There is a shor time under consideration
C. Labor is a large percent of the total cost of production
D. The demand for the product is relatively inelastic
2 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
3 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
4 Which of the following is a characteristics 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's quality price and marketing.
D. When firms are free to enter and exit the market
5 An oligopolistic industry can be characterized by all of the following except
A. May sellers
B. mutual interdependence
C. Economies of scale
D. A homogenous product
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 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
8 Which of the following is NOT an example of non price competition the auto industry.
A. End of the year discounts
B. Zero percent auto loans
C. Television advertising
D. Establishing market niches
9 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
10 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output

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