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

A firm A's break even quantity is.

Question # 2

When the price of an inferior goods falls ceteris paribus the substitution effect leads to ________ in the quantity purchased and the income effect leads to _______ in the quantity purchased.

Question # 3

A demand curve shows that relation between price and demand.

Question # 4

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

Question # 5

A monopsony is

Question # 6

The conditions necessary for a firm to be able to price discriminate include.

Question # 7

The income elasticity of inferior goods is

Question # 8

A long-run total cost curve can be constructed from

Question # 9

"Principles of economics" is the book of

Question # 10

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 # 11

A firm's long run average total cost lineis

Question # 12

Disposable income is equal to.

Question # 13

In the short run, the supply of farm commodities is.

Question # 14

The demand curve of unitary elastic commodity is.

Question # 15

If a firm triples all inputs and output triples as well the firm is subject to

Question # 16

If a monopolist faces a downward sloping market demand curve its.

Question # 17

The key feature of oligopoly is.

Question # 18

A utility contour shows all the alternative combinations of two consumption goods that.

Question # 19

Suppose an individual spends all his income on only two goods, good X and good Y moreover suppose that you were asked to derive his price consumption curve for good Y Which of the following would be allowed to very.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 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.
A. The price will increase by an amount less than the tax
B. The price will increase by an amount equal to the tax
C. The price will increase by a amount greater than tax
D. The price may either increase or decrease
2 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
3 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.
4 To maximize revenue, an excise tax should be imposed on a product
A. That has a highly elastic demand curve
B. Such as St. Joseph's children's' aspirin.
C. Such as salt
D. such as Toyota automobiles
5 A demand curve shows that relation between price and demand.
A. Positive
B. Negative
C. Zero
D. Very strong
6 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
7 If a price floor of Rs.15 is imposed, the governments cost is.
A. Rs.150
B. Rs.300
C. Rs.750
D. Rs.450
8 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
9 A negatively sloped isoquant implies
A. Products with negative marginal utilities
B. Products with positive marginal utilities
C. Inputs with negative marginal products
D. Inputs with positive marginal products
10 The demand curve of unitary elastic commodity is.
A. Rectangular hyperbola
B. Parabola
C. Straight line
D. None of these

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