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

In the short run a competitive firm's supply curve is.

Question # 2

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 3

Which of the following is correct with respect to the Paasche index.

Question # 4

Which of the following shifts the demand curve for hot dogs leftward.

Question # 5

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 6

If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.

Question # 7

The most important determinant of price elasticity is.

Question # 8

Cardinal approach theory was presented by

Question # 9

A demand curve that is an equilateral hyperbola is.

Question # 10

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

Question # 11

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

Question # 12

A typical demand curve cannot be

Question # 13

Which of the following is not a basic assumption of perfect competition.

Question # 14

Allocative efficiency is achieved under which of the following market structures.

Question # 15

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

Question # 16

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

Question # 17

An -increase the expected future price of a good.

Question # 18

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 # 19

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.
3 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
4 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
5 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
6 BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.
A. Buy an additional pair of shorts
B. Buy an additional pair of both items
C. Possibly not make any adjustment in her behavior
D. Sell her shorts and keep her shoes
7 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
8 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
9 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
10 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450

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