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

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PPSC Economics Topic 2 Micro Economics

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Question # 1

In the short run, the supply of farm commodities is.

Question # 2

change in quantity demanded

Question # 3

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

Question # 4

A Market situation where the number of buyers is very large and the number of sellers are very small is called.

Question # 5

Which skills are most likely to be paid for by the employer.

Question # 6

When Daimler Benz maker of the Mercedes bought Chrysler the merger was

Question # 7

What is the production level for public good W, if the government uses full cost pricing.

Question # 8

A demand curve that is an equilateral hyperbola is.

Question # 9

Which of the following groups is most hurt by unexpected inflation.

Question # 10

The firm under monopolistic competition is likely to produce less and set a higher price than under perfect competition because.

Question # 11

If a firm which polluted the water of area had to pay all social cost would have

Question # 12

Which of the following is an automatic stabilizer.

Question # 13

The largest source of tax revenue for the federal government is

Question # 14

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

Question # 15

Goods which can be consume directly are

Question # 16

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

Question # 17

In contract to perfectly competitive markets monopolists

Question # 18

The negative slope of the demand curve indicates that there is _______ relationship between the price and the quantity demanded.

Question # 19

In an industry with a falling long term supply curve, which of the following is true.

Question # 20

The competitive firm maximizes its profit by operating where

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PPSC Economics Chapter 2 Important MCQ's

Sr.# Question Answer
1 The law of diminishing marginal returns to a factor of production is.
A. Not applicable
B. Another explanation of economies of scale
C. A principle of scales
D. None of these
2 The Marginal cost of product W exhibiting positive externalities is McW = 25 + 5 Qs, the competitive price for each unit of W (Pw) is Rs. 175 and the positive externality is worth Rs. 100 to society for each unit produced. Society considers product W under produced by how many units.
A. 10 Units
B. 15 Units
C. 20 Units
D. 5 units
3 In capitalistic economy price is determined by
A. Supply and production
B. Demand and production
C. Demand and consumption
D. Demand and supply
4 In perfect competition a firm is.
A. Price taker
B. Price setter
C. Independent
D. Dependent
5 Which of the following shifts the demand curve for hot dogs leftward.
A. An increase in the price of a hot dog bun
B. A decreases in the price of a hot dog bun
C. An increased in the price of a hamburger
D. An increases in the price of a hot dog
6 One of the difference between a perfectly competitive fir's long run equilibrium and the long run equilibrium of a monopolistically competitive firm is that
A. LMS = MR under perfect competition but not under monopolistic competition
B. SAC = LAC under perfect competition but not under monopolistic competition
C. SMC = LMC under perfect competition but not under monopolistic competition
D. LAC = LMC under perfect competition, but not under monopolistic competition
7 If the production function is Q = 8 KL the marginal rate of technical substitution of labor for capital is.
A. 8
B. K/L
C. L/K
D. B/KL
8 Indifference curve has following characteristics except.
A. Convex to origin
B. Intersect each other
C. Not necessary to be parallel
D. None of these
9 Given the cost data indicated in the table above the average variable cost of producing 7 units of output is
A. Rs.37
B. Rs.29
C. Rs.31
D. Greater than Rs.37
10 Marginal cost is the change is cost the result from a one unit increase in.
A. Price
B. Cost
C. Output
D. Revenue

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