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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

The income effect of a price change

Question # 2

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 3

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 4

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 5

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 6

In price discrimination, which section of the market is charged the higher price.

Question # 7

Law of variable proportion is also called.

Question # 8

A production function for a firm which produces a product with two or more inputs.

Question # 9

The competitive firm maximizes its profit by operating where

Question # 10

If a firm triples all inputs and output triples as well the firm is subject to

Question # 11

Firm A's annual profit is.

Question # 12

When a tax is levied on a good.

Question # 13

A linear homogenous production function would reveal.

Question # 14

Duopoly is a market situation when there is

Question # 15

A firm A's break even quantity is.

Question # 16

The same graph shows that the firm order to maximize profits , should produce.

Question # 17

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

Question # 18

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

Question # 19

In the short run, the supply of farm commodities is.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The long run is a time period that is.
A. Five years or longer
B. Long enough to change the level of labor hired
C. Long enough to change the size of the firm's plant
D. Ten years or longer
2 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
3 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills
4 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
5 The fundamental reason people must choose which goods to buy and consume is because of.
A. Scarcity
B. Specialization
C. People engaging in exchange
D. The fact there are many different economic agents
6 Micro economics studies such topics as
A. The factors that determine inflation
B. The forces that influence the price of shoes
C. The determinants of total output
D. Whether the unemployment rate will rise or fall
7 Which skills are most likely to be paid for by the employer.
A. General skills
B. Specific skills
C. Educational skills
D. None of these
8 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.
9 The monopolization of the competitive market results in a deadweight loss to society of
A. RSJK
B. JKL
C. THJ
D. RSJL
10 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.

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