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

  • Total Questions20

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

If a firm triples all inputs and output triples as well the firm is subject to

Question # 2

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 3

In a perfectly competitive market if firms are earning an economic profit the economic profit.

Question # 4

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

Question # 5

When a tax is levied on a good.

Question # 6

Labour has the following characteristics accept one.

Question # 7

Holding all other things constant a higher price for ski lift tickets would.

Question # 8

In monopoly there is.

Question # 9

An income demanded curve of an inferior good is.

Question # 10

The exit of firms out of a competitive market causes the supply curve to.

Question # 11

The average total cost when 20 units of output are produced is

Question # 12

As long as the principle of diminishing marginal utility is operating any increased consumption of a good.

Question # 13

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

Question # 14

The supply curve of a perfectly competitive firm

Question # 15

The demand for labor slopes down and to the right because of.

Question # 16

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 17

A combination labour and capital where the cost of an output is minimized is called.

Question # 18

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 19

The firms average variable cost of the 150th unit is.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
2 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
3 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
4 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
5 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
6 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.
A. A is preferred to C
B. A is preferred to D
C. B is preferred to D
D. D is preferred to A
7 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
8 Which of the following does not characterize monopolistic competition.
A. Product differentiation
B. Many producers
C. Absence of advertising
D. Some control over price
9 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
10 If the price of product X falls and this change increases the demand for product Y then.
A. X and Y are complements
B. X and Y are substitutes
C. X is an inferior good
D. Y is an inferior good

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