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

The demand curve for labor for a monopolist when other inputs are fixed is equal to its

Question # 2

A demand curve is not related to

Question # 3

At level of income and output of 100 in the diagram above

Question # 4

When a tax is levied on a good.

Question # 5

A price decrease and an increase in income are similar in that

Question # 6

If the price of both goods increase by the same percent , the budget line will.

Question # 7

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.

Question # 8

To maximize revenue, an excise tax should be imposed on a product

Question # 9

When the quantity demanded is changed on the same price

Question # 10

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 # 11

A production function for a firm which produces a product with two or more inputs.

Question # 12

If a good has a lot of substitutes, then its demand is.

Question # 13

in monopolistic competition the firms desire to sell more output at the equilibrium because.

Question # 14

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

Question # 15

Firms entering a perfectly competitive market will cause the price of the product to

Question # 16

If the estimated values of Y and Py in 1987 are Rs. 30,000 and Rs. 8 respectively the marginal revenue of X is.

Question # 17

A linear homogenous production function would reveal.

Question # 18

In order to practice price discrimination which of the following is needed.

Question # 19

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 # 20

Economic growth is shown on the production possibility frontier as.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 A drop in the price of compact disc shifts the demand curve for prerecord tapes leftward from that you know that compact discs and precorded tapes are.
A. Inferior goods
B. Substitutes
C. Complements
D. Normal goods
2 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
3 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
4 In monopoly there is.
A. Single seller
B. Single buyer
C. Two producers
D. Few seller
5 In the neighborhood of the long run equilibrium of a monopolistically competitive firm average cost will be.
A. Decreasing
B. Constant
C. Increasing
D. At a minimum
6 Which of the following is an automatic stabilizer.
A. Unemployment benefits
B. Spending on education
C. Defense spending
D. Net interest
7 Which of the following is not a basic assumption of perfect competition.
A. Free entry and exit
B. Many small sellers and buyers
C. Perfect information
D. Short run
8 For a competitive firm the demand curve
A. A horizontal
B. Coincides with the marginal revenue curve
C. Coincides with the average revenue curve
D. All of the above
9 An economy that falls to realize all of its p9otential gains from specialization is.
A. Achieving productive efficiency
B. Operating outside its production possibilities curve
C. Operating on its production possibilities curve in an inefficient manner
D. Operating inside its production possibility curve
10 When the demand curve is vertical its shows that the demand is.
A. Less elastic
B. Very high elastic
C. Elastic
D. Perfectly inelastic

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