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

If consumers spend 15 million a month on CDs, regardless of whether the prrice they pay goes up or down that implies that their price elasticity of demand for CDs is.

Question # 2

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%

Question # 3

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

Question # 4

A monopolist who is charging high price operates on.

Question # 5

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

Question # 6

In perfect competition price is settled by

Question # 7

If the price of product X falls and this change increases the demand for product Y then.

Question # 8

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

Question # 9

If the price of factor A is Rs.8.00 per hour, and its marginal product is 10 units, and the price of factor B is Rs. 5.00 and its marginal product is 9, is the producer is likely to.

Question # 10

The are price elasticity of demand is approximately

Question # 11

In an industry with a falling long term supply curve, which of the following is true.

Question # 12

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 # 13

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

Question # 14

In the short run the competitive firm will produce if.

Question # 15

"Principles of economics" is the book of

Question # 16

The short run supply curve for a competitive industry is derived by.

Question # 17

Which of the following is not a basic assumption of perfect competition.

Question # 18

Economists tend to disagree primarily about.

Question # 19

Price elasticity at a given price is not affected by.

Question # 20

Which of the following is an automatic stabilizer.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 the ouput where diminishing return to production begin is also the ouput where
A. Marginal cost is at a minimum.
B. Average total cost is at a minimum
C. Average variable cost is at a minimum
D. Marginal and average
2 In the short run a competitive firm's supply curve is.
A. Its average variable cost cure to the right of the marginal cost curve.
B. Its marginal cost curve above the average variable cost curve.
C. It marginal cost curves above its average cost curve.
D. The horizontal summation of the marginal cost curves
3 The key feature of oligopoly is.
A. Excess capacity
B. High profitability
C. Product differentiation
D. Interdependence of firms
4 Labour has the following characteristics accept one.
A. It cannot be separated form labourer
B. It cannot be stored
C. Its supply cannot be increase at once
D. Bargaining power of laborer is very strong
5 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
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 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
8 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
9 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
10 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

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