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

00:00
Question # 1

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

Question # 2

In pure monopoly there is.

Question # 3

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

Question # 4

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 5

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 6

If the prices of both goods increase by the same percent the budget line will

Question # 7

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

Question # 8

The arc income elasticity of demand is approximately

Question # 9

A market demand curve can be derived by adding all the individual demand curves

Question # 10

As long as all prices remain constant an increase in money income results in.

Question # 11

The demand for labor will be more elastic if

Question # 12

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 13

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 14

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 15

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

Question # 16

When there is a surplus in a market

Question # 17

One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that

Question # 18

Economists tend to disagree primarily about.

Question # 19

Given the cost data indicated in the table above the average variable cost of producing 7 units of output is

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
2 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
3 In pure monopoly there is.
A. A lot of firms
B. Two firms
C. A single firm
D. Many firms
4 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
5 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
6 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
7 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.
A. Comparability assumption
B. Transitivity assumption
C. Non seriation assumption
D. Reflexivity assumption
8 A demand curve that is an equilateral hyperbola is.
A. Perfectly elastic
B. Relatively elastic
C. Unit elastic
D. Relatively inelastic
9 According to Keynes, when the great depression started the government should be.
A. Done nothing
B. Decreased the money supply
C. Had a large increase in government spending.
D. Enacted high tariffs such as the smoot Hawley tariff
10 Firm A's margin of safety is.
A. 0.10
B. 0.40
C. 0.20
D. 0.30

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