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

In Production of goods and services tradeoffs exist becasue.

Question # 2

The law of diminishing marginal returns to a factor of production is.

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 4

In monopolistic competition, firms desire to sell more output at equilibrium because.

Question # 5

Disposable income is equal to.

Question # 6

Perfect competition implies

Question # 7

A production possibilities curve indicates that when resources are being used efficiently

Question # 8

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 9

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

Question # 10

The long run is a time period that is.

Question # 11

In the short run, the supply of farm commodities is.

Question # 12

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

Question # 13

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 14

What is the production level for public good W, if the government uses full cost pricing.

Question # 15

A typical demand curve cannot be

Question # 16

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

Question # 17

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

Question # 18

Firms entering a perfectly competitive market will cause the price of the product to

Question # 19

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

Question # 20

change in quantity demanded

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
3 Indifference curve approach is also called.
A. Law of diminishing marginal utility
B. Law of substitution
C. Ordinal measure approach
D. None of these
4 The firms average variable cost of the 150th unit is.
A. Rs.15
B. Rs.17
C. Rs.20
D. Rs.9
5 Perfect competition implies
A. Homogeneous goods
B. Inferior goods
C. Superiors goods
D. Differential goods
6 What is the production level for public good W, if the government uses full cost pricing.
A. Q = 2
B. Q = 5
C. Q= 4
D. Q = 6
7 The price elasticity of demand is teh same thing as the negative of the
A. Slope
B. Reciprocal of slope
C. The first derivative of the demand function
D. Reciprocal of slope times the ratio of price to quantity
8 In perfect competition price is settled by
A. Sellers
B. Buyers
C. Producers
D. Both a and b
9 If a monopoly is unable to cover its short run variable costs, if should.
A. Shut down
B. Raise price
C. Lower price
D. Increase output
10 An entrepreneur who collects profits in the short run for a new invention is collecting.
A. The competitive rate of return on capital
B. Temporary monopoly profit
C. Rent
D. A Ramsey surplus

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