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

The "compensated" demand curve is the demand curve that.

Question # 2

Economists tend to disagree primarily about.

Question # 3

In monopolistic competition firm sell

Question # 4

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 # 5

Last week, Martha spend one day cleaning a house for this she was paid $50 The rest of the week, she spend looking for a job Martha would be callsified as.

Question # 6

The statement that marginal cost = marginal revenue leads to profit maximization of loss minimization is true.

Question # 7

Along the long run supply curve all of the following can vary except.

Question # 8

For commodities, X and Y, the possibilities are X is preferred to Y , Y is preferred to X or X and Y are equally preferred, In indifference curve analysis, this is known as the.

Question # 9

A situation in which firms choose their best strategy given the strategies chosen by the other firms in the market is called.

Question # 10

A monopoly market.

Question # 11

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

Question # 12

What is the production level for public good W, if the government uses full cost pricing.

Question # 13

A price cross elasticity of 0.81 between X and Y shows that.

Question # 14

The epigram "time is money" expresses , in part, the concept of.

Question # 15

Economic growth is shown on the production possibility frontier as.

Question # 16

At level of income and output of 100 in the diagram above

Question # 17

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

Question # 18

Immediately after a through we would expect to have al

Question # 19

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

Question # 20

In perfect competition price is settled by

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Economists tend to disagree primarily about.
A. The implications of scarcity for our economy
B. Which resources are free
C. Topics in positive economics
D. Issues of normative economics
2 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
3 If the estimated values of Y and Py in 1987 are Rs. 20,000 and Rs. 6 respectively, what is the maximum price of X.
A. Rs.420
B. Rs.240
C. Rs.300
D. Rs.360
4 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%
A. Rs.1654.29
B. Rs.100.00
C. Rs.94.00
D. Rs.68.00
5 Which of the policies in the table above an increase in social welfare according to pareto efficiency.
A. Policy A
B. Polies A and B
C. Policies A and D
D. Policies C a, -d D
6 Disposable income is equal to.
A. National income
B. National income minus taxes plus transfers
C. Real GDP
D. National income Minus taxes
7 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
8 A demand curve is not related to
A. The time period
B. The price of the commodity
C. The price of substitution
D. Any of above
9 in monopolistic competition the firms desire to sell more output at the equilibrium because.
A. Price is more than marginal cost
B. Price is less than marginal cost
C. Price is less than average cost
D. Price more than average cost
10 Firms entering a perfectly competitive market will cause the price of the product to
A. Decrease
B. Increase
C. Remain constant
D. Respond more to consumer demand than supply

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