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

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

Question # 2

Which of the following concepts represents the extra revenue a firm neceives from the services of an additional unit of a factor of production.

Question # 3

In perfect competition, a seller by increasing price.

Question # 4

A firm that is a price taker faces a perfectly

Question # 5

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 6

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.

Question # 7

The long run is a time period that is.

Question # 8

If the prices of both goods increase by the same percent the budget line will

Question # 9

A monopolistically competitive firm differs from a perfectly competitive firming that unlike the perfectly competitive firm it.

Question # 10

Indifference curve is alwyas.

Question # 11

Assume a cosumer buys 25 units of good X at Rs.8 and 10 units of good Y at Rs. 6 in 1980. If Px = Rs. 6 and Py = Rs. 4 in 1970 the pasasche index is.

Question # 12

Law of variable proportion is also called.

Question # 13

Marginal cost is the change is cost the result from a one unit increase in.

Question # 14

If a simultaneous and equal percentage decrease in the use of all physical inputs leads to a larger percentage decrease in physical output a firm's production function is said to exhibit.

Question # 15

The market demand for a product is found by

Question # 16

A monopolist who is charging high price operates on.

Question # 17

In monopoly there is.

Question # 18

The law of diminishing marginal returns to a factor of production is.

Question # 19

If there are 50 firms in a industry each selling 2% of the total sales the concentration ratio is.

Question # 20

If a tax of Rs. 6 per units is imposed upon the suppliers, then.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In case of complimentary goods, if the price of one commodity falls there will be.
A. Rise in demand of other commodity
B. Fall in demand of other commodity
C. Fall is demand of both commodities
D. Nor charge
2 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
3 A production function for a firm which produces a product with two or more inputs.
A. Represents a physical relationship between outputs for a specified set of inputs
B. Indicates the least cost combinations of inputs for a given output
C. Relates revenues and costs
D. Indicates the dollar cost for each level of ouput.
4 A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.
A. Rs.20
B. Rs.320
C. Rs. 4,480
D. Rs.300
5 A long-run total cost curve can be constructed from
A. An income consumption curve
B. A price consumption curve
C. Isoquant is cost expansion path diagram
D. An Engel curve
6 If average fixed cost is 40 and average variable cost is 80 for a given output we the know that average total cost is.
A. 40
B. 120
C. 80
D. None of the above
7 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%
8 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.
9 Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.
A. 5 percent lower
B. 5 percent higher
C. 10 percent lower
D. 10 percent higher
10 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

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