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

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

Question # 2

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 # 3

A normal good can be defined as one which consumers purchase more of as.

Question # 4

In contract to perfectly competitive markets monopolists

Question # 5

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.

Question # 6

The short run supply curve for a competitive industry is derived by.

Question # 7

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 8

The market demand for a product is found by

Question # 9

If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.

Question # 10

Firm A's margin of safety is.

Question # 11

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 12

In long run equilibrium a monopolistically competitive firm will find.

Question # 13

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 # 14

In the long run a profit maximizing firm will choose to exit a market when

Question # 15

MC = MR= AR=AC = Price shows the longs run

Question # 16

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 17

The total utility of the third unit of product x is.

Question # 18

The demand for labor is the same as the

Question # 19

Which of the following taxes is regressive

Question # 20

The income elasticity of inferior goods is

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Holding all other things constant a higher price for ski lift tickets would.
A. Increase the number of skiers
B. Increase the price of skis
C. Decrease the number of skis sold
D. Decrease the demand for other winter recreational activities
2 Which of the following is a function of money
A. Medium of exchange
B. Store of value
C. Unit of accounting
D. All of the above
3 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply
4 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
5 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
6 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
7 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
8 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
9 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
10 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these

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