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

BATA's marginal utility per dollars is .8 for both shorts and running shoes,. To attain her consumer equilibrium BATA should.

Question # 2

Price elasticity at a given price is not affected by.

Question # 3

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

Question # 4

Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.

Question # 5

If a firm which polluted the water of area had to pay all social cost would have

Question # 6

An increase in price causes an increase in total revenue when.

Question # 7

A demand curve shows that relation between price and demand.

Question # 8

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

Question # 9

A monopolist will discontinue production if

Question # 10

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 11

A production possibilities curve indicates that when resources are being used efficiently

Question # 12

An income demanded curve of an inferior good is.

Question # 13

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 # 14

Foundation of law of demand is.

Question # 15

What is the per unit marginal cost of increasing production from 20 to 25 units.

Question # 16

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

Question # 17

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

Question # 18

The demand for labor is the same as the

Question # 19

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 20

A combination labour and capital where the cost of an output is minimized is called.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
2 Which of the following correct about firms in an oligopoly.
A. Each firm has complete control over its own selling price
B. All firms independently charge monopoly prices
C. No one firm controls price but each has an influence on the price
D. There is no competition in oligopoly industries
3 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
4 An -increase the expected future price of a good.
A. Increases its demand
B. Decreases its demand
C. Increases its supply
D. Has no effect on either its demand or its supply.
5 Which of the following explains why demand curves slope downward.
A. Prices and income
B. substitutes and complements
C. Resources and technology
D. Substitution effect and income effect
6 If the government lower taxes by $10 billion, the Real GDP will rise by
A. More than $10 billion
B. Less than $10 billion
C. Exactly $10 billion
D. None of these
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 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
9 If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.
A. 50%
B. 2%
C. 8%
D. 100%
10 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37

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