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

Which of the following correct about firms in an oligopoly.

Question # 2

Under perfect competition, the price system automatically result in efficient output selection when

Question # 3

Ti access internet services consumers must use a computer if computer prices fall, what is the effect on the demand for internet services.

Question # 4

An indifference curve shows various combinations to goods Which gives the consumer.

Question # 5

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 # 6

The arc elasticity formula is used to estimate elasticity when

Question # 7

The arc income elasticity of demand is approximately

Question # 8

In substitution effect a consumer

Question # 9

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

Question # 10

The same graph shows that the firm order to maximize profits , should produce.

Question # 11

The demand curve of unitary elastic commodity is.

Question # 12

If a person's MPC is always two thirds and that person's break even point is Rs. 6,000, at a disposable income of Rs.9,000 the person's consumption expenditures will be.

Question # 13

The demand for labor will be more elastic if

Question # 14

If the price of an apple increases.

Question # 15

If there is no price surprise, total output is.

Question # 16

In the long run a profit maximizing monopoly produces an output volume that

Question # 17

The supply curve of a monopolist is always.

Question # 18

The short term interest rates on bonds over the next 5 years is 6% , 7%, 9% ,10% and 8% according to the expectations Hypothesis, the interest rates on bonds with 5 years to maturity will be.

Question # 19

Suppose that the price elasticity of demand for maple syrup has been estimated at-2 if quantity demanded increased by 10 precent, price must have changed by.

Question # 20

In the short run if price falls the firm will respond by

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 If the monopolist maximizes profits when marginal revenue equals marginal cost equals average cost economic profits must be.
A. Negative
B. Positive
C. Zero
D. Either a or c
2 Price discrimination is possible
A. Oligopoly
B. Duopoly
C. Perfect competition
D. Monopoly
3 If leisure is an inferior good the individuals supply curve for labor is.
A. Back ward bending
B. Completely inelastic
C. Upward sloping
D. Perfectly elastic
4 Cardinal approach theory was presented by
A. Marshall
B. Adam smith
C. Robbins
D. Hicks
5 The Isoquant curve shows different combinations of two factors of production which give the producer.
A. Different level of output
B. High level of output
C. low level of output
D. Same level of output
6 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
7 The income elasticity of demand
A. Is negative for normal goods
B. Is positive for normal goods
C. Equals the relative change in demand for a good divided by the relative change in the iincome of consumers all else being equal
D. Is correctly described by all of the above
8 A combination labour and capital where the cost of an output is minimized is called.
A. Optimum factor combination
B. Good combination
C. Least combination
D. Substitutes combination
9 A normal good can be defined as one which consumers purchase more of as.
A. Price fall
B. Price rise
C. Income fall
D. Incomes increase
10 If an increase in the price of gasoline increases the demand for gas hybrid cars, then
A. Hybrid cars are an inferior good
B. Gasoline and hybrid cars are complements in consumption
C. Gasoline is an inferior good
D. Gasoline and hybrid cars are substitutes in consumption

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