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

A firm A's break even quantity is.

Question # 2

Which of the following correct about firms in an oligopoly.

Question # 3

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

Question # 4

An oligopolistic industry can be characterized by all of the following except

Question # 5

A firm that is a price taker faces a perfectly

Question # 6

In perfect competition price is settled by

Question # 7

In perfect competition, a seller by increasing price.

Question # 8

As the opportunity cost of a good falls, ceteris paribus the substitution effect implies that people buy

Question # 9

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 10

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

Question # 11

If leisure is an inferior good the individuals supply curve for labor is.

Question # 12

For a competitive firm the demand curve

Question # 13

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 14

The expected profit from the profit distribution above is.

Question # 15

The demand for labor is the same as the

Question # 16

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 17

change in quantity demanded

Question # 18

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 19

The "Law of demand" states that other things remaining the same the quantity demanded of any good is.

Question # 20

Given a proportional income tax and a government budget that is currently in balance, an increase in autonomous investment ceteris paribus, Increases equilibrium income and the budget.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
2 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
3 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
4 A linear homogenous production function would reveal.
A. Constant returns to scale
B. Increasing returns to scale
C. Decreasing return to scale
D. Doubling all inputs would more than double output
5 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
6 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
7 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
8 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
9 A monopoly there is
A. No difference between firm and industry
B. A few firms
C. Lot of firms
D. none of these
10 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells

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