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

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Question # 1

Average fixed cost

Question # 2

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

Question # 3

Duopoly is a market situation when there is

Question # 4

Which of the following correct about firms in an oligopoly.

Question # 5

Price discrimination occurs when

Question # 6

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 7

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 8

The marginal rate of substitution of two goods can be obtain from

Question # 9

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 10

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have

Question # 11

According to Keynes, when the great depression started the government should be.

Question # 12

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 13

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 # 14

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 15

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

Question # 16

The method most commonly used to test the overall significance of a regression is.

Question # 17

The marginal rate of substitution for two goods can be obtained from

Question # 18

In monopolistic competition firm sell

Question # 19

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

Question # 20

A long-run total cost curve can be constructed from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 An indifference curve shows various combinations to goods Which gives the consumer.
A. Equal level of utility
B. Low level of utility
C. High level of utility
D. None of these
2 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
3 If both supply and demand for a good increase at the same time which of the following must also increase
A. The equilibrium price
B. The use of substitutes
C. The equilibrium quantity
D. All of the above
4 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
5 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
6 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
7 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
8 As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy
A. Less of the good and more of its substitutes
B. More of that good and less of its substitutes
C. Less of that good and less of its substitutes
D. More of that good and more of its substitutes
9 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
10 The income effect of a price change
A. Is always positive
B. Is always negative
C. May be positive or negative
D. Is associated with a change in nominal income

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