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

00:00
Question # 1

Average fixed cost

Question # 2

A firm that is a price taker faces a perfectly

Question # 3

In an industry with a falling long term supply curve, which of the following is true.

Question # 4

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

Question # 5

If the income elasticity of demand is +4

Question # 6

When a tax is levied on a good.

Question # 7

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 # 8

If a monopoly is unable to cover its short run variable costs, if should.

Question # 9

If A is preferred to B and B is preferred to C and there is indifference between A and D

Question # 10

A monopolist who is charging high price operates on.

Question # 11

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

Question # 12

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 # 13

Which of the following would cause the demand curve for an input to shift.

Question # 14

An economy that falls to realize all of its p9otential gains from specialization is.

Question # 15

In a typical cartel agreement the cartel maximizes profit when it.

Question # 16

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 17

In perfect competition there is.

Question # 18

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 19

If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
3 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
4 The demand curve for labor for a monopolist when other inputs are fixed is equal to its
A. Marginal value product curve
B. Marginal revenue product curve
C. Horizontal summation of the firms demand curve at different output prices
D. Marginal physical product curve
5 The market demand for a product is found by
A. Horizontally summing the individual demand curves
B. Vertically summing the induvial demand curves
C. Both horizontally and vertically summing the individual demand curve.
D. None of the above
6 Which of the following is correct for the demand and supply schedules given above.
A. The demand curve is non linear
B. The slope of the supply curve is 4
C. Equilibrium quantity is 40 units
D. The slope of the demand curve is 0.5
7 Suppose taht an exise tax is imposed on the monopolist's product if the monopolist's marginal cost is horizontally the relevant range, which of the following statements must be true.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
8 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
9 A monopolist who is charging high price operates on.
A. inelastic part of demand curve
B. Elastic demand of part curve
C. Ignore elasticity
D. More elastic demand of part curve
10 The expected profit from the profit distribution above is.
A. 40 units
B. 60 units
C. 100 units
D. 20 units

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