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

The price elasticity of demand is teh same thing as the negative of the

Question # 2

Price elasticity at a given price is not affected by.

Question # 3

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

Question # 4

The ABC corporation.

Question # 5

When a tax is levied on a good.

Question # 6

The "compensated" demand curve is the demand curve that.

Question # 7

In perfect competition there is.

Question # 8

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

Question # 9

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 10

The demand for labor will be more elastic if

Question # 11

A demand curve that is an equilateral hyperbola is.

Question # 12

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 13

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 # 14

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 # 15

The market demand for a product is found by

Question # 16

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

Question # 17

Economists tend to disagree primarily about.

Question # 18

Oligopoly is a market structure in which

Question # 19

If A, B, C and D are any four market baskets, and if the consumer has ranked them so that D is preferred to C, A is hot preferred to B, and B is not preferred to c then.

Question # 20

Which of the following is a characteristics of monopolistic competition.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
2 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
3 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
4 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30
5 The epigram "time is money" expresses , in part, the concept of.
A. Opportunity cost
B. Comparative advantage
C. Specialization
D. Efficiency in production
6 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
7 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
8 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
9 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs
10 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300

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