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

Goods which can be consume directly are

Question # 2

MC = MR= AR=AC = Price shows the longs run

Question # 3

The method most commonly used to test the overall significance of a regression is.

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

In the short run no firm operates with a loss unless

Question # 6

Which of the following is correct with respect to the Paasche index.

Question # 7

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

Question # 8

The "compensated" demand curve is the demand curve that.

Question # 9

As long as the principle of diminishing marginal utility is operating any increased consumption of good.

Question # 10

If a monopolist faces a downward sloping market demand curve its.

Question # 11

The supply curve of a perfectly competitive firm

Question # 12

Firm A's annual profit is.

Question # 13

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

Question # 14

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 15

If the demand curve for a good is downward sloping then the good must be.

Question # 16

If the price of product X falls and this change increases the demand for product Y then.

Question # 17

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 18

Average fixed cost

Question # 19

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 20

If a good has a lot of substitutes, then its demand is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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
2 Micro economics is the study of.
A. Economy on the whole
B. Large units of the economy
C. Individual units of the economy
D. General economics
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 The same graph shows that the firm order to maximize profits , should produce.
A. 30 units charges a price of Rs. 16
B. 20 Units and charge a price of Rs. 22
C. 35 Units and charge a price of Rs. 12
D. 38 units and charge a price or Rs. 10
5 Oligopoly is a market structure in which
A. Many firms each produce a slightly differentiated product
B. One firm produces as unique product
C. A small number of firms compete
D. Many firms produce an identical product
6 Under perfect competition, the price system automatically result in efficient output selection when
A. MC = MR
B. MC = MU
C. P = ATC
D. P > AVC
7 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.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
8 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
9 An increase in the discount rate at the FED generally has the following effect on bond prices.
A. There is no demonstrated effect
B. Such an increase tends to lower bond prices.
C. Such an increase tends to raise bond prices
D. Bond prices are related to the government purchase and sale of bonds.
10 If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will
A. Earn positive economic profits
B. Earn zero economic profits
C. Incur a loss equal to its variable costs
D. Incur a loss equal to its fixed costs

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