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

  • Total Questions20

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PPSC Economics Topic 2 Micro Economics

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Question # 1

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

Question # 2

When there is a surplus in a market

Question # 3

A profit maximizing monopolist in two separate markets will

Question # 4

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

Question # 5

Extension and contraction of demand mean

Question # 6

Immediately after a through we would expect to have al

Question # 7

Price discrimination occurs when

Question # 8

A firm's total revenue is Rs. 4,500 when it sells 15 pairs of boots compared to Rs. 4,480 when it sells 14 pairs,. The marginal revenue of the 15th pair of boots is.

Question # 9

If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.

Question # 10

A negatively sloped isoquant implies

Question # 11

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 # 12

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

Question # 13

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 # 14

Price elasticity at a given price is not affected by.

Question # 15

Labour has the following characteristics accept one.

Question # 16

Which of the following does not represent a barrier to entry into a market.

Question # 17

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

Question # 18

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

Question # 19

If average variable cos tis less then marginal cost then certainly.

Question # 20

When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.
A. A direct
B. An inverse
C. A positive
D. No relationship
2 Average fixed cost
A. Is U shaped
B. Declines over the entire output range.
C. Is a long run concept only
D. Is influenced by diminishing returns to production
3 A market demand curve can be derived by adding all the individual demand curves
A. Vertically
B. Horizontally
C. In parallel
D. Any of the above as long as it is consistent
4 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
5 In a typical cartel agreement the cartel maximizes profit when it.
A. Behaves like a monopoly
B. Behaves like a perfectly competitive firm
C. Behaves like a duopoly
D. Is flexible in enforcing production targets
6 A price cross elasticity of 0.81 between X and Y shows that.
A. They are complementary goods
B. They are competitive substitutes
C. They are not substitutes
D. a reduction in the price of one would cause an increase in the consumption of the other.
7 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
8 As disposable income increases from Rs. 1500 to 2000 , saving increases from minus Rs. 50 to Rs.250 if the relationship between disposable income and saving is linear, the MPC obviously has a value of.
A. .6
B. .8
C. .4
D. .2
9 The total utility of the third unit of product x is.
A. 10
B. 5
C. 23
D. 38
10 In the short run the competitive firm will produce if.
A. Price is equal to marginal cost
B. Price is equal to marginal revenue
C. Price is equal to total cost
D. Price is equal to are greater than average variable cost.

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