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

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 # 2

If both supply and demand for a good increase at the same time which of the following must also increase

Question # 3

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

Question # 4

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.

Question # 5

Some goods are not closely related to each other and are neither substitutes nor complements for such goods the cross price elasticity of demand would be.

Question # 6

change in quantity demanded

Question # 7

If Supply and demand both decrease simultaneously. Which of the following will happen.

Question # 8

If the price of an apple increased from 50 to 60 the quantity demanded will decrease because of.

Question # 9

Which of the following is a function of money

Question # 10

Goods which can be consume directly are

Question # 11

Holding all other things constant a higher price for ski lift tickets would.

Question # 12

A monopoly market.

Question # 13

If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.

Question # 14

The most important determinant of price elasticity is.

Question # 15

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

Question # 16

Average fixed cost

Question # 17

In long run equilibrium a monopolistically competitive firm will find.

Question # 18

Indifference curve approach is also called.

Question # 19

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

Question # 20

In perfect competition a firm is.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 Which of the following does not apply to pareto efficiency.
A. Consumptive efficiency
B. Productional efficiency
C. Allocative efficiency
D. Equity
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 Economic growth is shown on the production possibility frontier as.
A. The curvature of the PPF
B. An inward shift in the PPF
C. An outward shifts in the PPF
D. A movement from one point on the PPF to another
4 The supply curve of a perfectly competitive firm
A. Includes the upward sloping portion of the marginal cost
B. Is equal to entire margin cost
C. Includes the downward sloping portion of marginal cost
D. None of these
5 If a tax of Rs. 6 per units is imposed upon the suppliers, then.
A. Tax revenue will equal Rs. 108
B. Price increases by Rs. 4
C. Quantity decreases by 4 units
D. Producers pay Rs. 36
6 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
7 Foundation of law of demand is.
A. Law of diminishing marginal utility
B. Law of substitution
C. Law of increasing return to scale
D. Law of diminishing marginal rate of substitution.
8 A firm's long run average total cost lineis
A. Identical to its long run marginal cost line
B. Also its long run supply curve
C. In fact the average total cost curve of the optimal plant
D. Tangent to all the curve of short run average total cost
9 When the quantity demanded is changed on the same price
A. the demand curve shifts upward
B. The demand curve shifts downward
C. Movement on the same demand curve
D. None of these
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.
A. 70
B. 95
C. 700
D. 800

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