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

Which of the following is an automatic stabilizer.

Question # 2

The price elasticity of demand will increase with the length of the period to which the demand curve pertains because.

Question # 3

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 # 4

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 5

Law of demand is not applicable on

Question # 6

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 7

Which of the following correct about firms in an oligopoly.

Question # 8

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

Question # 9

If the income elasticity of demand is +4

Question # 10

"Treating an individual as typical of a group" in the definition of.

Question # 11

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

Question # 12

Under perfect competition, the price system automatically result in efficient output selection when

Question # 13

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 14

For a competitive firm the demand curve

Question # 15

Which of the following is a characteristic of monopolistic competition.

Question # 16

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 # 17

In perfect competition a firm is.

Question # 18

If a good has a lot of substitutes, then its demand is.

Question # 19

The income elasticity of demand

Question # 20

A long-run total cost curve can be constructed from

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000
2 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
3 The quantity of Y demanded increases by 6% when income changes, and income elasticity of demand is -0.9 income
A. Decreased by 5.4 %
B. Decreases by 8%
C. Increased by 15%
D. Decreased by 6.7 %
4 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
5 In monopsony there is
A. Single seller
B. Two buyers
C. Single buyer
D. Few buyer
6 If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.
A. Rs. 8,000
B. Rs. 5,000
C. Rs.6,000
D. Rs.7500
7 The elasticity of demand for cigarettes by a non smoker is.
A. Unitary price elastic
B. Relatively price elastic
C. Perfectly price elastic
D. Perfectly price inelastic
8 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
9 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
10 The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.
A. The supply of salsa increases
B. The supply of salsa decreases
C. There is no change to either the supply of salsa or the quantity supplied of salsa
D. There is no change to the supply of salsa but the quantity supplied of salsa increases

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