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

The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.

Question # 2

In the long run a profit maximizing monopoly produces an output volume that

Question # 3

According to Keynes, when the great depression started the government should be.

Question # 4

If average variable cos tis less then marginal cost then certainly.

Question # 5

If the government lower taxes by $10 billion, the Real GDP will rise by

Question # 6

A firm's long run average total cost lineis

Question # 7

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

Question # 8

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 9

A monopoly there is

Question # 10

A monopsony is

Question # 11

Price discrimination occurs when

Question # 12

Foundation of law of demand is.

Question # 13

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 14

if a consumer is purchasing only two commodities X and Y , and the marginal utility per dollar of Y is greater than the marginal utility per dollar of X to maximize total utility with the limited income the consumer should buy.

Question # 15

In the short run a competitive firm's supply curve is.

Question # 16

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

Question # 17

Indifference curve approach is also called.

Question # 18

For a competitive firm the demand curve

Question # 19

A production function for a firm which produces a product with two or more inputs.

Question # 20

Which of the following is an automatic stabilizer.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the income elasticity of demand is +4
A. The good is an inferior good
B. The good is an inelastic normal good
C. The good is an elastic normal good
D. the good is an elastic inferior good
2 In an industry with a falling long term supply curve, which of the following is true.
A. Industry unit cost are constant
B. Industry unit costs are decreasing
C. Industry unit costs are increasing
D. Industry unit costs cannot be determined
3 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.
A. Rs. 4
B. Rs.7
C. Rs.5
D. Rs.6
4 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
5 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
6 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
7 When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.
A. A cartel
B. The perfect competitive outcome
C. The Nash equilibrium
D. Monopolistic competition
8 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue
9 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
10 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase

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