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 competitive firm maximizes its profit by operating where

Question # 2

What is the production level for public good W, if the government uses full cost pricing.

Question # 3

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

Question # 4

If a good is normal then the demand curve for that good must be.

Question # 5

Which of the following explains why demand curves slope downward.

Question # 6

When a tax is levied on a good.

Question # 7

The method most commonly used to test the overall significance of a regression is.

Question # 8

One of the following has more elastic demand.

Question # 9

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 10

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 # 11

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 12

Which of the following shifts the demand curve for hot dogs leftward.

Question # 13

A demand curve shows that relation between price and demand.

Question # 14

Which of the following taxes is regressive

Question # 15

A firm A's break even quantity is.

Question # 16

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

Question # 17

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 # 18

A monopoly market.

Question # 19

Allocative efficiency is achieved under which of the following market structures.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.
A. 1.14
B. 1.65
C. 1.37
D. 1.47
2 The income elasticity of inferior goods is
A. Zero
B. Positive
C. Negative
D. Unitary
3 In perfect competition the industry will be in equilibrium.
A. when all the firms earning abnormal profit
B. When all the firms earning normal profit
C. All firms having loss
D. All firms having proft
4 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
5 If average variable cos tis less then marginal cost then certainly.
A. Per unit total cost is rising
B. Per unit total cost is constant
C. Per unit total cost is falling
D. Per unit variable cost is rising
6 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
7 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
8 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
9 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
10 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.
A. An increase an increase
B. An increase, a decrease
C. A decrease, an increase
D. A decrease, a decrease

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