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

Given the above demand and supply equations for widgets, the equilibrium price and quantity is.

Question # 2

Which of the following groups is most hurt by unexpected inflation.

Question # 3

An entrepreneur who collects profits in the short run for a new invention is collecting.

Question # 4

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 # 5

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

Question # 6

A typical demand curve cannot be

Question # 7

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.

Question # 8

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

Question # 9

In the short run no firm operates with a loss unless

Question # 10

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 11

The income elasticity of inferior goods is

Question # 12

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

Question # 13

When the demand curve is vertical its shows that the demand is.

Question # 14

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

Question # 15

Indifference curve approach is also called.

Question # 16

In pure monopoly there is.

Question # 17

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 18

When the marginal physical product of labor is 800 - 2N , the price of goods is Rs. 2, and the cost of labor is Rs. 4 per unit, the quantity of labor employed is.

Question # 19

If X , Y, and Z are willing to work for Rs. 4, Rs, 5, and Rs.6 respectively but N pays them Rs. 7 each, producers surplus is.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
2 An elasticity coefficient of -1 means that
A. The demand curve is perfectly inelastic
B. The demand curve is parfectly elastic
C. The relative changes in price and quantity are equal
D. Expenditures on the good would increase if price were reduced.
3 Price elasticity at a given price is not affected by.
A. The price of complements
B. The price of substitutes
C. The consumer's income
D. A change in supply
4 The arc elasticity formula is used to estimate elasticity when
A. The product is thought to be inelastic
B. The product is thought to be elastic
C. The demand function is known
D. There are two observations of price and quantity
5 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
6 The demand for labor is the same as the
A. Marginal revenue product
B. Marginal physical product
C. Marginal cost
D. Wage
7 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firm in the market we have
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competiton
8 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.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
9 A firm charges Rs. 800 for its unique word processor. If total revenue is Rs. 56,000 in July, how many word processor were sold that month.
A. 70
B. 95
C. 700
D. 800
10 Which of the following groups is most hurt by unexpected inflation.
A. Workers with cost of living adjustments in their labor contracts
B. Home owners
C. People with large debts to pay for their homes and cars
D. People with large retirement savings held in savings accounts.

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