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

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 2

Indifference curve has following characteristics except.

Question # 3

When the demand curve is vertical its shows that the demand is.

Question # 4

Immediately after a through we would expect to have al

Question # 5

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

Question # 6

To maximize revenue, an excise tax should be imposed on a product

Question # 7

Elasticity of demand of luxurious goods is always more elastic

Question # 8

The demand curve of unitary elastic commodity is.

Question # 9

Finance minister tax a commodity

Question # 10

In perfect competition there is.

Question # 11

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

Question # 12

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

Question # 13

Skills that can be transferred to other employers are called.

Question # 14

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

Question # 15

In perfect competition the industry will be in equilibrium.

Question # 16

Firm A's margin of safety is.

Question # 17

Economists tend to disagree primarily about.

Question # 18

The income elasticity of demand

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
2 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
3 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
4 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
5 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
6 If a firm which polluted the water of area had to pay all social cost would have
A. Small output
B. Large output
C. Heavy output
D. B and C
7 In the long run a profit maximizing firm will choose to exit a market when
A. Fixed costs exceed total costs
B. Total revenue from production is less than total costs
C. Average fixed cost is rising.
D. Marginal cost exceeds marginal revenue at the current level of production.
8 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
9 As long as the principle of diminishing marginal utility is operating any increased consumption of a good.
A. Lowers total utility
B. Produces negative total utility
C. Lowers marginal utility and therefore total utility
D. Lowers marginal utility, but may raise total utility.
10 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

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