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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

If average variable cos tis less then marginal cost then certainly.

Question # 2

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

Question # 3

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 4

Which of the following correct about firms in an oligopoly.

Question # 5

An increase in the discount rate at the FED generally has the following effect on bond prices.

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

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 8

Which of the following does not apply to pareto efficiency.

Question # 9

When oligopolistic firms interacting with one another each choose their best strategy given the strategies chosen by other firms in the market we have.

Question # 10

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

Question # 11

Which of the following taxes is regressive

Question # 12

Disposable income is equal to.

Question # 13

Naveed purchases product M for which his income elasticity of demand is negative Apparently product M is.

Question # 14

If a price floor of Rs.15 is imposed, the governments cost is.

Question # 15

A demand curve that is an equilateral hyperbola is.

Question # 16

Which of the following statements abut the relationship between marginal cost and average cost is correct.

Question # 17

The price elasticity of demand is teh same thing as the negative of the

Question # 18

In monopolistic competition firm sell

Question # 19

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

Question # 20

In contract to perfectly competitive markets monopolists

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The price of Ketchup at a market increases by 12.5% per can, which results in a decrease in quantity purchased by 40% per week, the demand is.
A. Relatively elastic
B. Relatively inelastic
C. Perfectly elastic
D. Perfectly iinelastic
2 Which of the following would cause the demand curve for an input to shift.
A. A change in technology
B. A change in demand for the product being produced
C. An increase in the number of firms in the industry
D. All of the above
3 If the prices of both goods increase by the same percent the budget line will
A. Shift parallel to the left
B. shift parallel to the right
C. Pivot about the x axis
D. Pivot abut the Y axis
4 The "compensated" demand curve is the demand curve that.
A. Shows only the income effect
B. Shows only the substitution effect
C. Shows both the income and substitution effects
D. Shows the Geffen good demand curve
5 Company A estimates the price elasticity of demand for its products.3.0 The price of the product is Rs. 15. If MC = 2+40, the profit maximizing level of output.
A. 4 units
B. 2 umits
C. 5 units
D. 3 units
6 Firms in monopolistic competition compete on
A. Price
B. Quality
C. Advertising
D. All of the above are correct
7 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
8 When the demand curve is a straight line the elasticity of demand at the center point will be.
A. Equal to zero
B. infinite
C. More than one
D. Equal to one
9 Given the above demand and supply equations for widgets, the equilibrium price and quantity is.
A. P = Rs. 20, Q = 60
B. PO = Rs. 60, Q, = 20
C. P Rs. 35, Q = 45
D. P - Rs. 12, Q = 88
10 Skills that embodied in a person are called.
A. Human capital
B. Embodied skills
C. Physical capital
D. Experience skills

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