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 profit maximizing monopolist in two separate markets will

Question # 2

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

Question # 3

the ouput where diminishing return to production begin is also the ouput where

Question # 4

The conditions necessary for a firm to be able to price discriminate include.

Question # 5

In monopolistic competition firm sell

Question # 6

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

Question # 7

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.

Question # 8

In perfect competition price is settled by

Question # 9

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 10

Which of the following groups is most hurt by unexpected inflation.

Question # 11

Law of demand is not applicable on

Question # 12

Which of the following correct about firms in an oligopoly.

Question # 13

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 14

An increase in the discount rate at the FED generally has the following effect on bond prices.

Question # 15

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 16

The exit of firms out of a competitive market causes the supply curve to.

Question # 17

Foundation of law of demand is.

Question # 18

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 19

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

Question # 20

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

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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 The classical are of the view that utility can be.
A. Ranked
B. Counted
C. Expressed in numbers
D. Not counted
3 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
4 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
5 A typical demand curve cannot be
A. Rising upwards to the right
B. A straight line
C. Concave to origin
D. Convex to origin
6 In the short run if price falls the firm will respond by
A. Shutting down
B. Equating average variable cost to marginal revenue
C. Reducing output along its marginal cost curve as long as marginal revenue exceed average variable cost
D. None of the above
7 Elasticity of demand of luxurious goods is always more elastic
A. More elastic
B. Less elastic
C. Equal elastic
D. None elastic
8 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
9 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
10 The marginal rate of substitution of two goods can be obtain from
A. Slope of budget line
B. Slope of demand curve
C. Slope of indifference curve
D. None of these

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