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

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

Question # 2

Marginal cost is the change is cost the result from a one unit increase in.

Question # 3

The supply curve of a monopolist is always.

Question # 4

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

Question # 5

Short run is a time frame where a firm can change its.,

Question # 6

In order to practice price discrimination which of the following is needed.

Question # 7

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

Question # 8

When goods are compliments the cross demand curve

Question # 9

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 10

The downward kinked demand curve facing the individual oligopolistic implies that

Question # 11

The price elasticity of demand is teh same thing as the negative of the

Question # 12

In monopolistic competition firm sell

Question # 13

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

Question # 14

In perfect competition there is.

Question # 15

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 16

Which of the following is not a basic assumption of perfect competition.

Question # 17

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

Question # 18

A demand curve shows that relation between price and demand.

Question # 19

Which of the following is correct for the demand and supply schedules given above.

Question # 20

In Production of goods and services tradeoffs exist becasue.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In substitution effect a consumer
A. Shifts away from the commodity which price has risen
B. shifts in favor of commodity which price has risen
C. shifts away from the commodity which price has fallen
D. None of these
2 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
3 Which of the following statements abut the relationship between marginal cost and average cost is correct.
A. When MC is falling AC is falling
B. AC equals MC and MC'S lowest point
C. When MC exceeds Ac, Ac must be rising
D. When Ac exceed MC, MC must be rising
4 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these
5 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
6 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units
7 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
8 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
9 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
10 At level of income and output of 100 in the diagram above
A. APC < 1
B. Equilibrium occurs
C. Consumption expenditures are equal to 100
D. MPC > APC

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