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

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

Question # 2

The arc elasticity formula is used to estimate elasticity when

Question # 3

change in quantity demanded

Question # 4

Price discrimination is possible

Question # 5

Average fixed cost

Question # 6

Indifference curve approach is also called.

Question # 7

when there is huge change in demand following method is used to measure elasticity of demand.

Question # 8

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

Question # 9

Elasticity of demand of luxurious goods is always more elastic

Question # 10

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

Question # 11

Everyone's absolute income doubles family A's APC, according to the simple Keynesian consumption function is expected to.

Question # 12

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

Question # 13

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 # 14

The "Law of demand" most directly means that consumers buy

Question # 15

Law of variable proportion is also called.

Question # 16

The supply curve of a monopolist is always.

Question # 17

In perfect competition price is settled by

Question # 18

Cross -elasticity following commodities is very high

Question # 19

Indifference curve is alwyas.

Question # 20

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

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 When the price of a pizza decreased from 1200 Rupees to 1000 Rupees, it is definitely the case that the.
A. Income effect means people buy less pizza
B. Substitution effect means people buy more pizza
C. Quantity demanded of pizza will not change
D. None of the above
2 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
3 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
4 The method most commonly used to test the overall significance of a regression is.
A. The t test
B. The F -test
C. Chi square test
D. R
5 In the short run no firm operates with a loss unless
A. Variable cost equals fixed cost
B. Variable cost falls short of fixed cost
C. Total revenue covers variable costs
D. Total revenue covers fixed cost
6 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
7 If the price of both goods increase by the same percent , the budget line will.
A. shift parallel to the left
B. Shift parallel to the right
C. Pivot about the x axis
D. Pivot about the Y axis
8 A monopolist will maximize profit.
A. Where total revenue is maximized
B. Where the slope of the total revenue function equals the slope of the total cost function
C. Where average cost is at a minimum
D. Where all the above are ture
9 "Principles of economics" is the book of
A. Robbins
B. Adam smith
C. Hicks
D. Marshall
10 A profit maximizing monopolist in two separate markets will
A. Charge different price according to elasticity
B. Charged same price
C. Charged very high price
D. Charged very low price

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