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

Extension and contraction of demand mean

Question # 2

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 # 3

Cardinal approach theory was presented by

Question # 4

The most important determinant of price elasticity is.

Question # 5

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

Question # 6

Average fixed cost

Question # 7

When the quantity demanded is changed on the same price

Question # 8

Elasticity of demand of luxurious goods is always more elastic

Question # 9

A firm that is a price taker faces a perfectly

Question # 10

The fundamental reason people must choose which goods to buy and consume is because of.

Question # 11

The expected profit from the profit distribution above is.

Question # 12

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

Question # 13

Which of the following groups is most hurt by unexpected inflation.

Question # 14

In perfect competition a firm is.

Question # 15

Projects A,B,C,D,E cost Rs. 100, Rs, 200, Rs. 300, Rs. 400, and Rs. 500 with MEC's of 0.07, 0.06,0.09 ,0.10 and 0.11 respectively. The market rate of interest is 8% Total investment spending is

Question # 16

Firms entering a perfectly competitive market will cause the price of the product to

Question # 17

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

Question # 18

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 # 19

Which of the following taxes is regressive

Question # 20

The income effect of a price change

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A utility contour shows all the alternative combinations of two consumption goods that.
A. Can be produced with a given set of resources and technology
B. Yield the same total of utility
C. Can be purchased with a given budget at given prices
D. Equate the marginal utilities of these goods and therefore make the consumer indifferent between them.
2 Which of the following does not represent a barrier to entry into a market.
A. Import quotas
B. patent laws
C. Government franchleses
D. Anti trust legislation
3 An income demanded curve of an inferior good is.
A. Same in slope
B. Upward is slope
C. Downward in slope
D. None of these
4 When there is a surplus in a market
A. There is downward pressure on price
B. There is upward pressure on price
C. The market could still be in equilibrium
D. There are too many buyers chasing too few goods.
5 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
6 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
7 If a monopolist's demand curve is downward sloping and linear, then its total revenue curve must be.
A. Identical to the demand curve
B. A ray from the origin with a slope equal to price
C. negative sloped with twice the slope of the demand curve
D. A rising function of output that increases at a decreasing rate , reaches a maximum, then falls.
8 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
9 In the long run a profit maximizing monopoly produces an output volume that
A. Equates long run marginal cost with marginal revenue
B. Equates long run average revenue
C. Assures permanent positive profit
D. Is correctly described by both a and c
10 Immediately after a through we would expect to have al
A. Peak
B. Recession
C. Recovery
D. Another trough

Test Questions

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