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

Which of the following will not be a determinant of the price elasticity of demand for a commodity.

Question # 2

In the long run a profit maximizing firm will choose to exit a market when

Question # 3

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

Question # 4

the ouput where diminishing return to production begin is also the ouput where

Question # 5

The average total cost when 20 units of output are produced is

Question # 6

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 # 7

In monopoly the firm can

Question # 8

Which of the following is a characteristics of monopolistic competition.

Question # 9

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

Question # 10

Disposable income is equal to.

Question # 11

change in quantity demanded

Question # 12

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

Question # 13

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

Question # 14

If a monopolist's has only fixed costs and chooses that output at which marginal cost equals price. it will

Question # 15

Immediately after a through we would expect to have al

Question # 16

A consumer is said to be in equilibrium when the marginla utility and price of a commodity

Question # 17

When due to change in price of commodity x demand of commodity y is charged it is called.

Question # 18

When goods are compliments the cross demand curve

Question # 19

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

Question # 20

Allocative efficiency is achieved under which of the following market structures.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A firm that is a price taker faces a perfectly
A. Elastic supply curve
B. Inelastic demand curve
C. Elastic demand curve
D. In elastic supply curve
2 If a good is normal then the demand curve for that good must be.
A. Downward sloping
B. Upward sloping
C. Perfectly elastic
D. Completely inelastic
3 Because a monopoly hires workers up to the point where their marginal revenue product equals the wage rate the monopoly will.
A. Pay less than the going wage rate
B. Pay a wage equal to the value of the marginal product of labor
C. Pay less than the value of the marginal product of labor
D. Pay workers what they are worth to society
4 In perfect competition there is.
A. Many buyers
B. Many sellers
C. Homogeneous product
D. All of these
5 A monopsony is
A. The scale supplier of an input
B. The scale supplier of an output
C. The sole buyer of some type of input
D. A unionized industry
6 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
A. Rs. 1500
B. Rs.1300
C. Rs.1200
D. Rs.300
7 A monopoly market.
A. Generally falls to maximize total economic well being.
B. Always maximizes total economic well being.
C. always minimizes consumers surplus
D. Generally falls to maximum produce surplus
8 The most important determinant of price elasticity is.
A. The slope of the demand curve
B. The availability of substitutes
C. The price of other goods
D. The income of the consumer
9 Which of the following is a characteristic of monopolistic competition.
A. One seller serving the entire market
B. When each firm sells an identical product
C. When firms do not compete on a product quality price and marketing
D. When firms are free is enter and exit the market
10 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.
A. Decreasing returns to scale
B.
Constant returns to scale
C. Increasing returns to scale
D. Diseconomies of scale

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