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 expected profit from the profit distribution above is.

Question # 2

A price cross elasticity of 0.81 between X and Y shows that.

Question # 3

A monopolist who is charging high price operates on.

Question # 4

Indifference curve is alwyas.

Question # 5

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

Question # 6

One of the following has more elastic demand.

Question # 7

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 8

In capitalistic economy price is determined by

Question # 9

Which of the following does not characterize monopolistic competition.

Question # 10

Immediately after a through we would expect to have al

Question # 11

Micro economics is the study of.

Question # 12

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

Question # 13

In perfect competition price is settled by

Question # 14

Duopoly is a market situation when there is

Question # 15

In Production of goods and services tradeoffs exist becasue.

Question # 16

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.

Question # 17

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

Question # 18

Skills that embodied in a person are called.

Question # 19

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

Question # 20

The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. 0
B. 1
C. Infinite
D. 15
2 If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.
A. 260 - 160 x
B. 420 - 4Qx
C. 240 - 16 Px
D. 80 - 4Qx
3 The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.
A. All the time
B. Only in the long run
C. Only if "marginal cost is rising at the point of equality.
D. Only if average total cost is falling at the point of equality
4 The exit of firms out of a competitive market causes the supply curve to.
A. Shift leftward
B. shift rights ward
C. None of the above for the exit of firms supply curve
D. shift either left or right depending on the number of firms leaving the market
5 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
6 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
7 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
8 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
9 In perfect competition the transpiration cost
A. Excluded from the total cost
B. Is important figure in total cost
C. Is ignored
D. All of these
10 Firm A's annual profit is.
A. Rs.10,000
B. Rs.20,000
C. Rs.30,000
D. Rs.60,000

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