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 marginal rate of substitution for two goods can be obtained from

Question # 2

A monolithically competitive market is characterized by all of the following except.

Question # 3

Which of the following does not apply to pareto efficiency.

Question # 4

"Principles of economics" is the book of

Question # 5

Firms entering a perfectly competitive market will cause the price of the product to

Question # 6

The supply curve of a perfectly competitive firm

Question # 7

A price decrease and an increase in income are similar in that

Question # 8

A production possibilities curve indicates that when resources are being used efficiently

Question # 9

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

Question # 10

The average total cost when 20 units of output are produced is

Question # 11

In monopoly the firm can

Question # 12

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.

Question # 13

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 14

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

Question # 15

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

Question # 16

Which of the following is a function of money

Question # 17

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

Question # 18

For a competitive firm the demand curve

Question # 19

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

Question # 20

In a typical cartel agreement the cartel maximizes profit when it.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
2 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
3 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
4 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
5 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
6 if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.
A. .Less of both commodities
B. .More of both commodities
C. More of Y.
D. None of the above
7 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
8 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
9 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
10 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units

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