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

the ouput where diminishing return to production begin is also the ouput where

Question # 2

The conditions necessary for a firm to be able to price discriminate include.

Question # 3

Which of the following is correct for the demand and supply schedules given above.

Question # 4

A typical demand curve cannot be

Question # 5

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

Question # 6

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 # 7

The supply curve of a perfectly competitive firm

Question # 8

If there is no price surprise, total output is.

Question # 9

In monopoly the firm can

Question # 10

The "Law of demand" most directly means that consumers buy

Question # 11

Extension and contraction of demand mean

Question # 12

If the price elasticity of demand for a non giffen good is inelastic are decreased in its price result in.

Question # 13

If the price of both goods increase by the same percent , the budget line will.

Question # 14

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

Question # 15

How much will a speculator invest now if he expects to earn Rs. 144 two years from now assuming the nominal rate of interest is 20%

Question # 16

Economic growth is shown on the production possibility frontier as.

Question # 17

The price of salsa rises, How does the increase in the price of salsa affect the supply of salsa.

Question # 18

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

Question # 19

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 20

Which of the following correct about firms in an oligopoly.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If a firm triples all inputs and output triples as well the firm is subject to
A. Constant returns to scale
B. Increasing returns to scale
C. Economies of scale
D. Both b and c
2 As long as all prices remain constant an increase in money income results in.
A. An increase in the slope of the budget line
B. A decrease in the slope of the budget line
C. An increase in the intercept of the budget line.
D. a decrease in the intercept of the budget line.
3 When economists say that a per son is economizing they mean that the person is.
A. making choices to gain benefits at lowest possible cost
B. Making a lot of money
C. Purchasing goods that are generic cheap or of low quality
D. Learning how to run a business more effecitively
4 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
5 An exceptional demand curve is.
A. Vertical
B. Horizontal
C. Downward sloping
D. Positive slope
6 The average total cost of a wedge increases from Rs. 0.79 ro Rs. 0.83 Evidently
A. AFC exceeds AVC
B. MC is between Rs. 0.79 and Rs. 0.83
C. AVC is Rs. 0.83
D. MC is greater than Rs. 0.83
7 The "Law of demand" states that other things remaining the same the quantity demanded of any good is.
A. Directly related to its price
B. Positively related to its price
C. Inversely related to its price
D. Directly elated to the supply of the good
8 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
9 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price
10 In the short run, the supply of farm commodities is.
A. Inelastic
B. Less elastic
C. More elastic
D. Undetermined

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