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

When a tax is levied on a good.

Question # 2

Which of the following correct about firms in an oligopoly.

Question # 3

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

Question # 4

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 5

Micro economics is the study of.

Question # 6

In price discrimination, which section of the market is charged the higher price.

Question # 7

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

Question # 8

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

Question # 9

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

Question # 10

In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.

Question # 11

The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently

Question # 12

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

Question # 13

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 # 14

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 # 15

The ABC corporation.

Question # 16

The key feature of oligopoly is.

Question # 17

An income demanded curve of an inferior good is.

Question # 18

A monolithically competitive market is characterized by all of the following except.

Question # 19

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

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
2 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.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
3 Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.
A. Positive
B. Negative
C. Zero
D. Cannot tell without more information
4 A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.
A. a competitive equilibrium
B. An open market solution
C. The Nash equilibrium
D. The cartel equilibrium
5 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
6 If a monopolist faces a downward sloping market demand curve its.
A. Average revenue is always less than marginal revenue
B. Marginal revenue is greeter than the price of the units it sells.
C. Average revenue is less than the price of its product.
D. Marginal revenue is always less than the price of the units it sells
7 Goods which can be consume directly are
A. Producer goods
B. Consumer goods
C. Free goods
D. Economics goods
8 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
9 If there is no price surprise, total output is.
A. 50
B. 150
C. 400
D. 200
10 The ABC corporation.
A. Is earning a pure economic profit
B. Should produce zero units of output
C. Is sustaining an economic loss
D. Is breaking even

Test Questions