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

  • Time Allowed20

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PPSC Economics Topic 2 Micro Economics

00:00
Question # 1

When the demand curve is a straight line the elasticity of demand at the center point will be.

Question # 2

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

Question # 3

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

Question # 4

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 # 5

The Lorenz curve shows that

Question # 6

The method most commonly used to test the overall significance of a regression is.

Question # 7

Allocative efficiency is achieved under which of the following market structures.

Question # 8

A monopolist will discontinue production if

Question # 9

In perfect competition price is settled by

Question # 10

The competitive firm maximizes its profit by operating where

Question # 11

Which of the following is an automatic stabilizer.

Question # 12

A normal good can be defined as one which consumers purchase more of as.

Question # 13

Economists tend to disagree primarily about.

Question # 14

Finance minister tax a commodity

Question # 15

"The quantity demanded increases as its price increases and falls as its price falls" is called given goods, is presented by.

Question # 16

The arc income elasticity of demand is approximately

Question # 17

"Treating an individual as typical of a group" in the definition of.

Question # 18

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

Question # 19

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 # 20

Which of the following is not a basic assumption of perfect competition.

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 In perfect competition, a seller by increasing price.
A. Sell more
B. Produce its revenue
C. Decrease cost
D. Sell nothing
2 In monopoly the firm can
A. Price
B. Output
C. Either price or output
D. Both a and b
3 If a good has a lot of substitutes, then its demand is.
A. Elastic
B. Inelastic
C. Unit elastic
D. Elastic or inelastic depending on whether the price is increasing or decreasing
4 What is the per unit marginal cost of increasing production from 20 to 25 units.
A. Rs. 3,500
B. Rs.100
C. Rs.4,000
D. Rs.500
5 A firm A's break even quantity is.
A. 10 units
B. 40 units
C. 50 units
D. 30 units
6 In long run equilibrium a monopolistically competitive firm will find.
A. Marginal cost below average total cost
B. Marginal cost wqual to minimum average total cost
C. Both a and b
D. Neither a nor b
7 In monopolistic competition firm sell
A. Same goods
B. Differential goods
C. Inferior goods
D. Superior goods
8 Finance minister tax a commodity
A. having elastic demand
B. ignore elasticity
C. Having unti elastic demand
D. Having unit elastic demand
9 MC = MR= AR=AC = Price shows the longs run
A. Monopolist firm
B. Oligopolistic firm
C. Competitive firm
D. Both a and b
10 The competitive firm maximizes its profit by operating where
A. Average costs are at a minimum
B. Total revenue is at a maximum
C. Profit per unit is at a maximum
D. Marginal cost equals price

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